The new year is always a good time to reassess what you may need to make sure you and your home are protected.
The Federal Emergency Management Agency is prepared to make some major changes in a few weeks and those changes could cost you.
Earlier this year, new flood maps for Honolulu were submitted to the federal government for approval.
"Last year they provided us with a draft of the maps. They were showing us the new flood information based on those drafts. And those maps are going to become effective January 19, 2011," said Mario Siu-Li of the City Department of Planning and Permitting.
And in some cases you may have gone from not being in a flood zone to now living in one, which will require most people to make an investment.
"You will be subject to flood insurance requirements when you have a mortgage that is federally insured," Siu-Li said.
Most anyone with a mortgage will be affected. So you might save money by getting insured before the change.
Don't think flood insurance is important?
According to the National Flood Insurance Program's website in the past ten years the average claim has come out to $33,000.
"And also if you are building or redeveloping your property you have standards to comply," Siu-Li said.
So if you have a plan for renovating your house, you may have to change those plans, and it could end up costing you.
"For example if you're in a flood zone your house would have to be elevated to a certain height. To meet the flood elevation requirement,"Siu-Li said.
It's the National Flood Insurance program, started in 1968, and it's important for Oahu and other counties follow the program's mandates.
"The city would qualify to receive assistance. Disaster assistance and other types of assistance from the federal government as long as the city is compliant with the program," Siu-Li said.
Siu-Li says it's been more than five years since changes were made to the flood maps.
