After the flood control project is completed in 1999, the FIRM will be revised and the majority of this area will be redesignated as zone X. Structures located in zone X are outside the Special Flood Hazard Area and are not required by Federal regulations to have flood insurance. Flood insurance rates will not be automatically recalculated by insurance agents. Once property owners have determined that the building is located in an A99 flood zone, they may contact their insurance agents to see if they are eligible for a partial refund. The insurance agent will make a comparison between the A99 and the current flood insurance rate on their property. If the A99 rate is less expensive, the policyholder should ask the insurance agent to re-rate the policy using the new A99 zone designation.
Policyholders have two choices.
They may choose to send the documentation, obtained from their community, to their insurance agents for an immediate rate change and refund. Or they could request the rate change and refund when the flood policy is up for renewal. In either case, the refund for the current policy will be issued and the lower rate will be applied to the next policy year. If insurance agents have any questions regarding the procedures for obtaining a refund, they should contact their insurance company. The insurance companies should contact their NFIP program account executive if they have any questions or concerns.