Why it’s important to review your flood insurance policy

PORT CHARLOTTE, Fla. – The federal government owes one man thousands of dollars from accepting 13 years of flood insurance checks after the Charlotte County flood map changed in 2003.

The change meant Richard Coleman should have been charged a different, less expensive rate. And though FEMA is not required to inform homeowners about a change in rates or a change in the flood map, Coleman’s agent was able to make the cost-saving the discovery.

FEMA will not repay Coleman for all 13 years, but will reimburse him for about two years worth of payments. His story is a lesson to other homeowners: check your insurance policy and be aware of flood map adjustments that can affect your rates.