Winthrop, Massachusetts Flood Insurance Rate Map Changes

On September 25th, 2009, the Federal Emergency Management Agency's (FEMA) new Flood Insurance Rate Map (FIRM) will become effective for the Town of Winthrop. A comparison of the previous version of the FIRM (July 2, 1992) with the new Digital Flood Rate Insurance Maps (DFIRM) indicates that there is an increase in areas designated as Special Flood Hazard Areas (SFHA). Although there have been no increases to the 100 year Base Flood Elevation (BFE), the SFHA have been expanded by FEMA due to a recent Flood Insurance Study (FIS) using new technology (e.g. Aerial Topography Mapping); Event History; Map Amendments; and Insurance Claims) to enlarge the affected areas.
 
If you own property in these expanded areas, your Bank or Mortgage Company may require that you purchase Flood Insurance if you finance or re-finance your property. You may also be subject to new Building Codes (780 CMR 120g) of the Commonwealth of Massachusetts that require engineering foundations if you plan to build new; substantially renovate; or construct a lateral addition in the SFHA.
 
Flood insurance can be expensive for homeowners and you will find yourself with little bargaining room with your lender. Lenders will simply purchase the Flood Insurance for you and increase your escrow payment. If your property, according the July 2, 1992 FIRM, is not presently in the SFHA but will be included in the new DFIRM (effective September 25, 2009), there may be some relief for you. You may purchase flood insurance now at a lower rate and be "Grandfathered" into the Lower Risk Flood Zone before the new DFIRMs are imposed and your property becomes part of the higher risk zone.
 
Visit the Winthrop Building Department, located on the bottom floor of the Town Hall, to review the new DFIRM to see if you will be affected by this change.
 
For insurance questions, call local property insurance agents or brokers or call the National Flood Insurance Program at (800) 427-4661. You may also learn more by logging onto the FEMA website at www.fema.gov.

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