FEMA flood zoning has affected about 1,200 homes throughout Marin County—especially waterfront homes in Belvedere, San Rafael, and Novato—as well as, according to hearsay, some homes near watercourses in San Anselmo, Mill Valley, and Novato.
While most cities in Marin had a reasonable amount of warning of the change in the Special Flood Hazard Zoning by being informed in the last half of 2008, some (notably Belvedere and Bel Marin Keys) were only informed by letter in mid-February 2009. This late notification prevented them from commenting on the new zoning in the time frame required by FEMA.
Flood Insurance Requirements
Property owners in "100-year flood zones" (as designated by FEMA) will be required to take out flood insurance if they have a mortgage that is backed by the federal government. Note that other mortgagors may require flood insurance even if they are not government-backed.
Affected homes in all areas will need to take out flood insurance before May 4, 2009, if they wish to be "grandfathered in" to reduced flood insurance rates in the future.
Before giving up the opportunity to be grandfathered into reduced insurance rates—perhaps because you have no mortgage—consider what will happen if you should ever sell your home to someone who does require a mortgage.
Flood Insurance Rates
Flood insurance rates vary according to circumstance. If the floor of your house lies below the 100-year flood level, the reduced "grandfathered" rates are roughly $900 per year for the house only (with a limit of about $280,000 in damage). Full non-grandfathered rates are roughly $1,800 per year (same limit).
Flood insurance is obtained through any qualified insurance group, but they act only as "pass-through" agents, as the "subsidized" insurance is supplied by a federal government agency.
Impact on Property Values
Clearly, these new zoning will have a detrimental effect on the property values of affected properties and even those nearby.
Key Questions About the FEMA Flood Zoning Changes
- What changed in the flood zones?
- What is a "100-year flood"?
- DFIRM, FIRM, Firmette, BFE, SFHA, NFIP, LOMA, LOMR-F—what do these mean?
- Must I get flood insurance?
- Do I need flood insurance?
- What is a certificate of elevation?
- What are other communities doing about this?
- How much is all of this going to cost me?
