The National Flood Insurance Program is Changing Effective October 1, 2021 for new policies and April 1, 2022 for existing policies! FEMA is implementing Risk Rating 2.0 that more accurately calculates rates based on flood risk to the property. Properties will be rated individually based on the flood zone, areas of the property that are located in the flood zone, flood mitigation and urban drainage. According to the Ohio Department of Public Safety about 45% of policy holders (usually older homes) will see a decrease in premiums. About 45% of policy holders will see an increase of up to $10 per month with 6% seeing an increase of $10-20 per month and 4% seeing an increase of over $20 per month. Because the City of Lancaster participates in the Community Rating System, residents receive a discount on their calculated premiums. For more information see the Ohio Risk Rating 2.0.
The City of Lancaster does not administer the National Flood Insurance Program or determine who is required to obtain flood insurance.
If your property is located in the Special Flood Hazard Area and you have a federally insured mortgage, you will be required by your lender to obtain flood insurance. Flood insurance is only available through the National Flood Insurance Program so you will need to check with your insurance agent.
However, you lender may require flood insurance even if you are outside the Special Flood Hazard Area as a risk mitigation measure.
You may also choose to purchase flood insurance even if it is not required. Flood insurance may cover flooding from localized flooding due to unusual storms or basement backups. Your insurance agent can help you.