How do the ABFEs affect flood insurance requirements?
Date Published: May 2014
If your home is substantially damaged or destroyed, and you rebuild to the Base Flood Elevation on the currently effective FIRM, your insurance premiums may not increase immediately. However, when the Advisory Base Flood Elevations (ABFEs) become part of the next version of the flood maps, you may have to pay significantly higher premiums. Adding one foot to the best available data will typically result in additional savings on premiums. According to FEMA, if property owners simply rebuild to pre-flood conditions, flood insurance premiums could increase dramatically in the near future. If the property owner has a “grandfathered” policy and the area is remapped, they could see an increase in premiums of over 200% over five years.