Marshfield Coastal Coalition UPDATE
We want to thank the over 100 people that attended our mapping and insurance outreach on August 18th. We had land surveyors, insurance experts, and Representative Jim Cantwell all in attendance to help guide residence in both mapping and insurance issues.
Our insurance presentation was comprehensive in content and there was a lot to take in. Our presentation, in full, is on our website for download here under presentations:
http://www.marshfieldcoastalcoalition.org/?page_id=329
After our presentation, we wanted to reiterate some important dates leading up to the Flood Insurance Rate Map effective date:
SEPTEMBER 12th: September 12, 2016, the Marshfield Planning Board will be hosting a meeting to discuss the FIRMS. This is a regular meeting as the FIRMs are a zoning issue. The meeting will be at Marshfield High School auditorium at 7:30pm.
OCTOBER 24th: Marshfield Special Town Meeting. As previously mentioned, the FIRMs will require a 2/3 vote at this meeting to be approved and become effective. Our draft document on the discussion of the FIRMs and ramifications of not adopting them are available here under download #6: http://www.marshfieldcoastalcoalition.org/?page_id=329
NOVEMBER 4th: The Flood Insurance Rate Map effective date. This is the date that most insurance decisions should be made by.
We also wanted to make appoint of clarification not mentioned at our August 18th meeting:
Flood Insurance, unless being done for a loan closing or a rollover, has a 30 day waiting period to go into effect. Many people have asked since the meeting about whether they need to purchase flood insurance by October 4th (for the waiting period) or not. After some discussions with FEMA and others, we have official clarification. Flood insurance policies will be considered grandfathered as long as the INSURANCE COMPANY acknowledges receipt of payment as of 11:59PM November 3rd. HOWEVER, due to the 30 day waiting period, your LENDER may still ask for flood insurance. This will be an issue that you will have to discuss on a lender by lender basis.
Stay tuned for more in the coming weeks!
