Changes have been made for all communities in the Florida and remapping projects a still in the progress.

When you hear that all of Florida is in a flood zone, this is correct but a misinformed statement. Depending on the area 50% to 80% flood zones are in a special flood hazard area (SFHA), where the mortgage companies will require flood insurance. The other 20% to 50% is in the flood zone B, C and X where the flood insurance can be purchased but is a choice of the property owners.

Property owners should be aware of how flood insurance works and know what the average cost are. In the past owner's have accepted that they were in the flood zone and just paid it without knowing if they are paying the right amount or if it was correct. Talk with your neighbors, insurance should be within a reasonable range of each other, but it happens that three identical neighbors are paying $400, $1800 and $900 for the same coverage. The newest neighbor (within the last 5 years) should have been rated with the newest flood zone information and all the required documentation by the insurance agent; and their premium should be the benchmark for the neighborhood comparison.

Now the industry standard is the burden is left up to the property owner to know what flood zone their building is affected by. If your property has been upgraded to a better/new flood zone (lower risk), the lender or insurance company will not notify the owner to modify the existing flood insurance policy because of more beneficial flood zone. Modifying the current policy will require a new elevation certificate which can cost up to $150, but the savings depending on the flood zone can be $200-$1000 savings (plus possible refunds), it will be worth the investment to look into. Owners can find a flood insurance/zone consultants to determine the best option available, most of these companies do not charge if they cannot provided any solutions for the flood insurance. These companies are working for the property owners, not the lender or the insurance company.