New FEMA maps could mean thousands need flood insurance
NASHVILLE, Tenn. (AP) – Thousands of property owners may have to purchase flood insurance policies for the first time as new flood maps go into effect next year in Davidson County.
The Tennessean reports (http://tnne.ws/2fRUYDT) the Federal Emergency Management Agency last month finalized revised flood maps for the county, and more than 4,400 properties were added to high-risk zones.
Mortgage companies typically require coverage if a property falls into the 100-year floodplain- an area with a 1 percent chance of being inundated each year.
Homeowners whose properties fall into the floodplain may be eligible for subsidized policies through the National Flood Insurance Program. But they have to sign up before the maps become effective in April.
Federal officials say an average flood insurance premium costs about $700 per year.
