Pay less now or pay more later. Flood insurance rates to increase as of Sept. 11 when new maps go into effect

Five Towns residents only have three weeks to take advantage of cheaper, grandfathered in rates on flood insurance which will only be available before the new flood map take effect on Sept. 11, said a Federal Emergency Management Agency (FEMA) official.

“Flood elevation is up by four feet,” said Richard Einhorn, of both FEMA and the Department of Homeland Security. “If you have a mortgage, the bank will require you to get flood insurance. Buy flood insurance before the new maps go in. If you wait too long, there's a possibility your bank will call you, and you'll be out of luck for grandfathering.”

Some 27,000 homes in Nassau County are being added to the flood plan when the new map goes into effect. Einhorn encouraged all residents to look up their flood risk online at www.floodsmart.gov, as well as check the new flood map to see whether their area is affected by the changes. He added that the Web site will give you the names of the closest flood insurance agents to your home.

“It's the difference between paying wholesale and resale,” said Monte Rosenzweig, an insurance agent with Gold Standard Agency Inc. in Woodmere. “If you purchase insurance now, you're going to save thousands of dollars.” He added that flood insurance is transferrable to a future owner of a property, so investing in insurance now can save someone money for years.

Residents should check whether the new flood map affects them, Rosenzweig said. “If the zone of your home changes, you're making a tremendous mistake by not buying flood insurance right now.”