Oahu homeowners and businesses located near streams should be aware of significant changes to the island's flood maps, which could directly affect their property insurance needs. According to recent reports, updated maps from FEMA indicate evolving flood risks, potentially placing thousands of properties into high-risk zones where flood insurance will become mandatory. This shift has considerable implications for Hawaii's real estate market, development projects, and the financial well-being of property owners.
The updated Flood Insurance Rate Maps (FIRMs) stem from a comprehensive study of flood risks near Oahu streams, as highlighted in a Hawai'i News Now article. Those with federally backed mortgages in newly designated Special Flood Hazard Areas (SFHAs) will be legally obligated to secure flood insurance, adding a potentially substantial expense to their monthly housing costs. Roseann Freitas, CEO of the Building Industry Association Hawaii, noted that these new costs could be a critical factor for some families. Furthermore, the FEMA press release announced that those impacted can request more information.
The impact isn't limited to homeowners. Developers and investors should also take note, as new construction in SFHAs will likely face stricter building codes and potentially higher development costs. This could influence project feasibility and timelines. For many, this is more than another expense. In an article from the Star Advertiser, experts note that appeal is only applicable if there are
