DID YOU KNOW: The Rand Corporation estimates that for every $500 increase in flood insurance premiums, property values decrease $10,000.

FIRM and local governments throughout the Keys are confident their reviews, comments and concerns about the Draft Working Maps will be reflected – at least in part – in the Preliminary Maps and, eventually, in the Final Maps.

However, it is clear from the Draft Working Maps most properties in the Keys will move into new flood zones and most will see increases in their flood insurance requirements and premiums.

For example: Under existing maps, Key West includes a significant X-Zone, which does not require flood insurance for homes with mortgages. An estimated 2,000 properties that are today in Key West’s X-Zone likely will be moved to a Special Flood Hazard Area, resulting in the requirement of flood insurance for homes with mortgages.

Because flood insurance can range from below $500 annually for a home in an X-Zone to tens of thousands of dollars in higher-risk zones, it makes sense to prepare now to mitigate upcoming flood map effects.

What should I do now?

Determine your current and future flood zone.

Determine your base flood elevation (BFE)

The Base Flood Elevation (BFE) where your property is located determines the zone to which you are assigned. Having an elevation certificate for your home is crucial to ensuring your flood insurance rate and the premiums you pay are correct.

Get an Elevation Certificate

Your elevation certificate may be on line in the City of Key West Floodplain Dept. or with your local floodplain management office in Monroe County or the municipalities. The contact information for all floodplain officials can be found on the County’s website. You might also find your certificate in your mortgage closing documents.

If you do not have or cannot locate an elevation certificate, you may contract locally to have one done. The cost is about $500.

If you join FIRM and contribute $100 or more, you will receive a $100 credit toward a residential elevation certificate from Reece & Associates in Big Pine Key. A donation of $500 or more earns a discount toward a commercial elevation certificate from one of our trusted partners.

Please contact FIRM for additional at info@firmkeys.org

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