GA - Flood insurance rate changes underway
CHATHAM COUNTY, Ga. (WTOC) - The flood insurance rates for properties are changing.
But there is something many property owners can do now, and for some it could mean lower insurance costs.
WTOC Investigates spoke to an industry expert who says most people with a policy can expect to see either a decrease or an increase of up to $240 on their annual policy.
Here’s a look at what’s behind the changes and what you can do now.
Four years ago - some neighborhoods in Chatham County saw what the power of storm surge and flood waters can do when Hurricane Irma roared ashore.
People who live on Lewis Avenue on Tybee Island and in areas of Burnside Island had flood waters in their homes. Many of them are still dealing with the aftermath of Irma and Matthew.
Major storm and flood events like that one across the country are why the federal flood rates are changing.
“The old system was 50 to 60 years old. It was not accurate. It was based one someone just drawing a line in the sand saying this side does not require flood insurance and this side does require it, which all know is not accurate,” said Steven Fischer, a real estate broker in Savannah.