Realtors and Insurance Agents

City of Marco Island's Flood Insurance Rate Map (FIRM) were first adopted and established on 09/14/1979 anything constructed prior to that date is a pre-FIRM structure, anything constructed after is a post-FIRM structure.

Currently, all insured structures on the Island who have flood insurance through the National Flood Insurance Program (NFIP) receive an automatic 20% discount off their flood insurance policy’s premium. 

Since the Flood Disaster Protection Act of 1973 and the National Insurance Reform Act of 1994 it was made into law that all federally back mortgages have flood insurance, when located in a Special Flood Hazard Area (SFHA).  Many lenders have learned, “floods know no lines” and are requiring flood insurance for structures not located in SFHA.

EXISTING FLOOD INSURANCE POLICIES

For all existing flood insurance policies for transfer of sale, it is recommended before you sign and transfer the policy you contact the local floodplain manager to ensure you are being rated on the current map with the current datum.  All too often premium renewals are sent out without review of the current Flood Insurance Rate Map (FIRM).  Being rated on an outdated map could cause an overpayment or an underpayment of the policy premium.  Being rated incorrectly could also pose a problem when filing a flood claim.

Elevation Certificates:

The City of Marco Island keeps records of the elevation certificates on the City's website.  https://www.cityofmarcoisland.com/building/page/elevation-certificate-search

For any structure which was constructed before 1999 that has not had any work done to it that would constitute the City of Marco to ask for an elevation certificate, the City would not have an elevation certificate on record.

Elevation Certificates do not expire, if the elevation certificate is competed using an outdated map, the floodplain manager will provide a supporting document, Flood Information Letter which will provide the current map information.

The 50% rule applies to all structures located in a SFHA, when not fully compliant with the floodplain regulations.The cumulative value of work is kept on record for 5-years. 50% is determined by market value; private FEMA appraisal or Collier County Property Appraiser. See FEMA P-758 Substantial Improvement/Substantial Damage Desk Reference - below.

Know Your Flood Risk

City of Marco Island's FIRM -  https://marco.maps.arcgis.com/home/webmap/viewer.html?webmap=e7c5ba49b0e5449f9e600680be2e1b75

Flood Risk Evaluator - https://yourfloodrisk.com/ - High Flood Insurance Premium? Can adding flood vents help?

My Flood Risk - https://myfloodrisk.org/ - Determine your true flood risk, here and now.

Coastal Barrier Resource Area and Flood Insurance - https://www.fws.gov/cbra/Flood-Insurance.html

Flood Insurance Facts:

Currently there are 5.0 million flood insurance policies in force in more than 22,000 communities
There is generally a 30-day waiting period before flood insurance goes in to effect
More than 20 percent of all claims paid by the NFIP are outside of high-risk areas

National Flood Insurance Program: Laws and Regulations - https://www.fema.gov/national-flood-insurance-program-laws-regulations

Flood Insurance Overview - Florida Division of Consumer Services - https://www.myfloridacfo.com/division/consumers/understandingcoverage/floodinsoverview.htm

Florida Office of Insurance Regulation - https://www.floir.com/Sections/PandC/FloodInsurance/FloodInsuranceWritersFL.aspx

Office of the Flood Insurance Advocate:     The Office of the Flood Insurance Advocate (OFIA) advocates for the fair treatment of policyholders and property owners by: (1) providing education and guidance on all aspects of the National Flood Insurance Program (NFIP), (2) identifying trends affecting the public and (3) making recommendations for NFIP improvements to FEMA leadership. https://www.fema.gov/flood-insurance-advocate

Increased Cost of Compliance (ICC):  Increased Cost of Compliance (ICC) coverage is one of several resources for flood insurance policyholders who need additional help rebuilding after a flood. It provides up to $30,000 to help cover the cost of mitigation measures that will reduce flood risk. ICC coverage is a part of most standard flood insurance policies available under FEMA's National Flood Insurance Program (NFIP).  https://www.fema.gov/media-library/assets/documents/1130