Email update 12/2016

Email update 12/2016

Below are several important updates:

After the Map Approval: Letters from lenders

This week, MCCC Chair Joe Rossi will have his monthly column in the Marshfield Mariner.

The column covers the need to pay attention to the letters from your lender requiring flood coverage if you are newly mapped.  Those that receive these letters requiring flood coverage have 45 days to purchase NFIP flood insurance, or your lender will force place insurance on you.  It is highly recommended that you purchase a NFIP policy before you are forced placed.  In many cases, the forced placed insurance is a private policy and can be many times more expensive than a NFIP policy. Because there are no federal regulations yet on private forced placed flood insurance and how it should interact with the NFIP insurance, you may not be able to purchase a NFIP policy then cancel the forced placed policy.  This could create a hardship for the policy term.  It’s important to understand that forced placed insurance is obtained by the lender in the interest of the lender and not the homeowner. NFIP Newly mapped policies start at under $200.  This policy is not available to those that become forced placed and cannot cancel their forced placed flood insurance policy.   It is recommended that coverage is always taken for replacement cost of your building.  DO NOT IGNORE THE LETTER FROM YOUR LENDER!


Marshfield Map Revision

This week, the Town of Marshfield, Scituate and Duxbury received news that the Letter Of Map Revision (LOMR) process to appeal the maps will not be an acceptable way to move forward with the revision of the Flood Insurance Rate Maps (FIRMs).  The process outlined is a Physical Map Revision, or PMR.  This process is used when large areas are revised involving multiple map panels.  While more costly and timely, it is unknown what this means for revision results.  We are still hopeful, as the goal is the most accurate maps possible regardless the process.  We will update you as we get more info.

Article from the Patriot Ledger: