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FEMA has released new Preliminary Work Maps that are going to replace the Advisory Base Flood Elevation (ABFE) Maps issued after Hurricane Sandy. The result of the next round of maps has proven to be an extremely positive development. There was a very large number of homes and condos that have been placed in much better flood zones. After observing the new maps, the Mayor said that “virtually all of the properties placed in the V Zone on the ABFE maps have been returned to the A zone on the new maps.” A V Zone, or Velocity Zone, can have serious implications on flood insurance premiums for homes that are deemed as deficient to FEMA standards. This comes as great news to many people who found their current undamaged homes in what they felt to be undeserved V Zones. This will hopefully be a big step in moving past Hurricane Sandy now that we are approaching the one year mark of the storm. This will hopefully be one key element to a strong Fall buying and selling season. With this newest information, homeowners and builders will have a much better idea of what is required for rebuilding and remodeling. Already a homeowner in Ocean City? Check out FEMA’s region two website at www.region2coastal.com
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