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Posted on: October 26, 2018

Flood Insurance & Hazard Areas

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October 26, 2018 – As a result of the City of Midland’s exemplary floodplain management programs and services, Midland is rated by the Insurance Services Office, Inc. (ISO) Community Rating System (CRS) as a Class 5 community.  For Midland residents, this means a discount of 25 percent over standard insurance rates when purchasing or renewing flood insurance policies for their properties.  Midland has maintained this rating since 2008, thereby providing the lowest flood insurance rates in the state of Michigan, according to the National Flood Insurance Program (NFIP). 

Per the NFIP, a home located within a special flood hazard area (SFHA) or floodplain has a 26 percent greater chance of being damaged by a flood over the life of a 30-year mortgage than by fire or other loss. Homeowner’s insurance will not cover flood damage; this is why flood insurance is mandatory for all federally-backed mortgages.  Homes do not have to be in the floodplain to experience flooding.

Because the City participates in the NFIP, anyone who owns or rents property within Midland can buy flood insurance through a local insurance agent and receive the 25 percent rate reduction.  There’s a 30-day waiting period for coverage to begin.  Call 1-800-427-4661 with any questions regarding the NFIP, or call your licensed insurance agent for more on the City’s excellent flood rating and savings it will bring to you. 

As a result of the catastrophic damages caused by Hurricane Sandy, Congress has enacted several insurance reform measures.  These measures require the Federal Emergency Management Agency (FEMA) and the NFIP to create a reserve fund for payment of insurance claims resulting from floods, since the claims were previously paid from the national treasury.  If you own a home in the floodplain that was constructed prior to the first Flood Insurance Rate Map (FIRM) for your community (12/15/1983 for Midland), your insurance rates were subsidized in the past by FEMA.  Under the new reforms, there could be a significant increase in flood insurance rates for many homes in Midland if subsidized rates are eliminated and full-risk premiums are calculated based upon the amount of risk of damage your home may have. 

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