San Mateo Flood Maps are Redrawn! SOME Homeowners Rejoice!

San Mateo Flood Maps are Redrawn!  SOME Homeowners Rejoice!

Back in 2001’ FEMA finalized a flood insurance study that would place several San Mateo Neighborhoods into a “special flood hazard area”.  Due to this distinction lenders would require homeowners to obtain flood insurance.

As a result of the approximately $7M levee project, the areas of South Shoreview, Sunnybrae, Parkside and 19th Avenue Park have been changed from “High Risk” to “low risk” areas.   If you live in these areas you are no longer required to pay for flood insurance and you basically have two options.  You can convert your policy to an optional “Preferred Risk Policy”.  If you elect to do this your mortgage company doesn’t have to be involved, and this is just for your peace of mind in the event of a random flood.   Your second option is to apply for a “full refund” and carry no flood insurance.  Before electing to do this be sure that you understand your risks of being uninsured.  Your insurance agent should definitely be contacted to explain the details and help with the documentation.

Some San Mateo Homeowners will notice that they’re still located in FEMA “high risk flood areas”.  These areas include North Shoreview and North Central Shoreview.   If you live in these areas you may be asking yourself “Why do I still have to pay for the insurance?”  The areas of Shoreview that are south of 3rd Avenue basically paid for the Levee Project.  The money was collected through the property tax bills of the homeowners south of 3rd Avenue in San Mateo.  To complete a similar levee project to protect the areas in North Shoreview and North Central Shoreview it would likely cost between $21,000,000-$28,000,000.  There’s simply not enough homes north of 3rd Avenue to be able to pay for such a project.

Be advised that I’m not recommending any action and that you should contact your insurance agent before making any changes to your existing flood insurance policy.

If you have further questions visit the San Mateo City website at: http://www.cityofsanmateo.org/index.aspx?NID=1061

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