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If you live near a flood zone, you may want to purchase flood insurance now. If you purchase it now (around $400) and you get rezoned into a flood zone, your cost is grandfathered in and you will not have to pay the increase.
I would also speak to your insurance agent.
The reverse it true, if you pay for flood insurance and get zoned out of a flood area, your rate will go down. I'm sure you will have to ask!
Here is an article from Newsday:
FEMA flood zone changes may spur insurance sales -- Newsday.com (broken link)
If you have no idea if your house is in or near a flood zone, my company can prepare a report for your property for $10 that will show your home and proximity to all the flood zones.
Thank you, KB. This is a very important issue for LI homeowners and one that most people don't pay enough attention to. Many homeowners insurance policies specifically exclude flood damage. In the event of a major storm, the insurance companies are sure to argue that the damage was caused by water, not by wind or some other covered item. If you live outside of a flood zone, flood insurance is relatively cheap, but still well worth having.
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