NARRAGANSETT — The Federal Emergency Management Agency is in the process of updating Narragansett’s flood maps, as well as maps across the state as part of their national Flood Map Modernization Program and the new boundaries could cause some residents to see changes in their insurance needs when they go into effect on Oct. 19.
“FEMA recognized that in many areas of the country, the maps were more than 10 years old,” said Jason Parker, environmental planning specialist with the town.
“The most important thing is some people are going to be [affected] that weren’t before,” Parker said.
An exhaustive analysis of the new map hasn’t been done, though Parker estimates that the new boundaries will affect approximately 140 to 150 dwellings within Narragansett.
Residents who possess a federally backed mortgage are required to obtain flood insurance. If the dwelling is owned outright, then residents can purchase it on their own accord. Several weeks ago, Parker sent letters to those residents who may be affected by the change, explaining the situation and providing additional information.
Those who are now in the flood zone should look at purchasing insurance soon, said Parker. “If you purchase a policy before the maps go into effect, they will be grandfathered-in to a low-risk rate,” he said.
He added that those who choose not to purchase insurance before Oct. 19 could see a marked increase in insurance prices and premiums. To maintain the lower-rate premiums, flood insurance policies cannot lapse. Those who purchase insurance must maintain on-time payments or risk conversion to a high-risk premium. Also, if a resident wishes to sell their property in the future, the grandfathered-in flood insurance policy is transferable and the low-risk rate can be passed on to new homeowners provided there is no gap in coverage.
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