Hillsborough, Burlingame Luxury Homes Real Estate

There is updated information about this here.

Some time in early 2008, FEMA is going to release new flood maps for San Mateo County.  So what, you say?  Well, if you live in certain areas of San Mateo and Redwood Shores you should worry because if, as expected, FEMA says you are in a flood plain, you will be required to have flood insurance.  And yes, I did say required.  No options here, you will have to purchase it and baby, it's expensive.

Part of San Mateo, North Shoreview to be exact, is already considered to be within a flood zone.  What's expected is that the rest of San Mateo east of 101 will be added.  Foster City, according to Planning Manager Leslie Carmichael will be unaffected.  The levies that surround Foster City were raised during the mid-1990's and meet the Army Corps of Engineers requirements.  This is not the case for either San Mateo or Redwood Shores.  John Lynch with the Redwood City Planning Department told me that if the new maps were to come out today, Redwood Shores would be in trouble.  Lucky for them these maps aren't due out for a few months because they are getting a reprieve to certify their levies by consulting engineers.  It is anticipated that this reprieve will be for no more than four years; two years for certification, two years for planning.

What do you do if you end up in a flood zone?  You will receive a letter from FEMA telling you to buy flood insurance through them.  Don't do it.  Call your insurance agent first and see how they can help you.  FEMA sets the rates for this insurance according the Marie Wood, a Farmer's Insurance Agent in San Mateo.  She also says that the flood zone defines your need for this insurance.  The amount of insurance is required by the Federal government.  Your lender will require that you not only have flood insurance but also include additional insurance for personal property if you don't already have this.  The last requirement isn't a bad one in my mind, since too many people are under-insured right now because they don't update their personal insurance annually when their insurance premiums renew.  Keep in mind, if you've purchased anything of high value it may need to be included in my insurance plan.

You can go onto the FEMA website now and input your address to see where your house sits.  There are a much of letters designating flood zones.  Go to FloodSmart.com for an explaination.  The current maps aren't going to tell you much though, as I tried it for my home in Foster City and really didn't find out anything.  Keep your eyes open for news reports about these maps.  San Mateo County isn't likely to be the only county affected around our bay.  A lot of people are going to get hit with very high insurance costs for the future.  It's never too early to put a little money aside to off-set this increase.  Don't say I didn't warn you.

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