Frequently Asked Questions

Flood waters could undermine the ground under the first floor, causing the entire building to collapse. The water may never touch your unit, yet it could be destroyed by flood damage, which wouldn’t be covered by a homeowner’s policy.

Most local insurance companies offer flood insurance policies through the National Flood Insurance Program (NFIP). Regardless of which Agent you contact, NFIP coverage should cost the same. The easiest was to find an agent in Key West is to search the internet for: Flood insurance agents "key west."

The best recommendation is to have a Preferred Risk Policy (PRP; if they qualify per National Flood Insurance Program rules) in place before the maps become effective. If not, they still have 12 months from the effective date to purchase a PRP. They will then be rated using the Newly Mapped Procedure (PDF). (Note that the link to the latest version of this fact sheet is broken, so what is included is to the old fact sheet with the same information-previous look. We’ll get you the updated version.)

With the Newly Mapped Procedure, the rate starts out at the Preferred Risk Policy (PRP) rate and then will increase each year no more than 18% (currently it has been at around 15% each year). It will stop increasing when it reaches one of two values:

1. The standard Zone X rate or if the rate using the new zone (i.e, A or V) and an Elevation Certificate becomes cheaper (which the insurance agent will need to determine).
   1. A policy rated this way can be transferred to a new owner should the building be sold, so that they can continue with the benefits of this rating.
2. If a policy is grandfathered (e.g, had too many losses to qualify for the Newly Mapped - went from Zone A to Zone V - or, increase in Base Flood Elevation (BFE)), it is recommended that a policy is in place before the maps change (that is a must if it is pre-FIRM) and then flood insurance must be maintained. This rating procedure will lock in the lower risk zone or BFE for future rating (it does not lock in the rate). A grandfather-rated policy can also be transferred to a new owner. The policy will be continued to be rated using that lower risk zone/BFE as long as the building is not substantially damaged/improved.