AN IMPORTANT ANNOUNCEMENT ABOUT FLOOD INSURANCE FROM THE TOWN OF SCITUATE AND COASTAL COALITION

AN IMPORTANT ANNOUNCEMENT ABOUT FLOOD INSURANCE FROM THE TOWN OF SCITUATE AND COASTAL COALITION

The Town must accept revised flood maps at a special town meeting by October 2016. It is very important that residents in coastal areas review their property status as it relates to flood insurance and changes that may affect your current status.

There are some important issues for residents to review within the context of the new maps.

Those going into a Special Hazard Risk Area when the new maps are adopted need to pay very close attention. Homeowners in that situation can buy a Preferred Risk Policy. Preferred Risk Policies can usually be purchased for less than $500 a year if it is bought before the new maps go into effect. Homeowners with a mortgage will need to buy at least enough flood coverage to cover the mortgage balance. FEMA officials advise that the policy should be bought at least 60 days before the new maps go into effect. TALK TO YOUR INSURANCE AGENT SOON.

Homeowners that are already in a Special Flood Hazard Area that don’t have a mortgage should not drop flood coverage. Here’s why: If the home is sold in the next few years a buyer most likely will need to get a mortgage. If the present owner has a grandfathered flood policy, the buyer can assume that policy. If there is no policy in place the buyer will have to buy a policy at a much higher rate and that could have a negative effect on the home’s price.

Also there is always potential that some homeowner insurance companies at some point may require a flood policy be in place. Again talk to your insurance agent!

An easy way to see if your property will be going into a Special Flood Hazard Area as a result of the new flood maps is to go to the Town’s website (scituatema.gov) Online Services and click on GIS Viewer. Compare the 2012 maps with the 2016 maps.

The Town staff and the Coastal Coalition will continue to work together to explain the necessity of adopting the new flood maps at a Special Town Meeting.