Golden Gate Estates Flood Map Revisions 2010 - Flood Insurance Questions and Answers

Am I going to be required to purchase flood insurance on my Golden Gate Estates home?  Possibly. The first step to determining if you may need to purchase flood insurance is to check your address on Collier County's website to determine if your property is located in a higher risk flood zone. You can do this by visiting http://maps.colliergov.net/websites/dfirms/femaprelimdfirmviewer.html
 
What zones are higher risk zones that will require me to purchase flood insurance? Any zones that start with an A followed by a number, AE, VE, and AH zones.
 
What if part of my property is in a higher risk flood zone and part is in a lower to moderate risk flood zone? If any part of your property, including land, is in a higher risk zone, your entire property will be considered to be in a higher risk flood zone and you will be required to purchase flood coverage.
 
If I don't have a mortgage am I still required to purchase flood insurance? No, the coverage is optional for those who do not have a mortgage on their property.
 
When will I be required to purchase flood coverage on my home? After the preliminary revised maps have been presented (which was done in August 2010), Collier County and any property owners will have 90 days to file any protests or appeals. After FEMA has resolved all of the protests and appeals a final letter of determination will be sent to the county advising them that they need to adopt the zone changes. The county will then have up to 6 months to implement the changes.  At the earliest you will be required to purchase flood insurance starting in November 2010.
 
I will be closing on a loan prior to the maps being finalized will I need to purchase flood coverage for my closing? Your bank may pressure you to purchase flood coverage prior to your closing, however until the maps are finalized and your property is confirmed to be in a higher risk flood zone, you will not be required by the Federal Government to purchase this coverage.
 
How much will flood insurance cost on my property? To get an accurate rate you may need to get an elevation certificate. Typically flood insurance rates can run anywhere from $350 up to $2,000 annually depending on your lowest floor elevation in comparison to the base flood elevation. Contact your agent to help you determine if you will be required to get a flood elevation certificate or if it may help reduce your flood insurance premium.
 
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