Savings could add up to 20%
Lake County is recertified each year through the Federal Emergency Management Agency based on floodplaine and building code regulations along with community information and education. With this rating, residents living in unincorporated Lake County could see savings of up to $227 per policy, saving lake County residents over $224,000 annually.
When new maps are issued, your risk may have changed as well along with your flood insurance requirements. If your property is mapped out of a high-risk area, your flood insurance costs will likely decrease. If you’ve been mapped into a high-risk area, you will be required to purchase flood insurance if your mortgage is through a federally regulated or insured lender. But you can save money with the PRP Eligibility Extension and through a process known as “grandfathering” provided by the NFIP. If your property was newly mapped into a high-risk flood zone after October 1, 2008, you may qualify for a PRP flood insurance policy.
Below shows information on an area of Round Lake Beach, as an example of the upcoming update:
Community: ROUND LAKE BEACH, VILLAGE OF
Project Name: RM-FY09-IL-Lake County-O-PMR
Projected Preliminary Date: 07/07/2014
Actual Preliminary Date:
Appeal Period Start Date:
Appeal Period End Date:
Projected Effective Date: 10/16/2015
Actual Effective Date:
Actual LFD Date:
Project Status: On-hold
Preliminary Date – The date when new preliminary DFIRMs were presented to community officials.
Appeal Start – Start date for the official 90-Day Appeal Period.
Appeal End – End date for the official 90-Day Appeal Period.
LFD Date – The date where community officials are notified that a new or updated DFIRM will take effect in six months.
Effective Date – The date when a new Digital Flood Insurance Map (DFIRM) become effective.
DFIRM – Digital Flood Insurance Rate Map
LFD – Letter of Final Determination
Project Status Active – Mapping project in status
On-Hold – Mapping project experiencing delays
Completed – Mapping project finished; updated map in effect
You can also read and add comments on our Facebook page.