o you live in a coastal area, like Ponte Vedra Beach, Vero Beach, or anywhere in South Florida? If so you, you should read further to see how you can save money on Flood insurance with these 3 easy tips.

Among natural disasters in the United States, floods are the most common, yet many homeowners opt out of purchasing flood insurance in Florida, because they consider it to be too expensive and not necessary. However, thanks to storms like Sandy and Katrina, the negative impacts of flooding have become difficult to deny.

Congress passed legislation a mere three years ago that was designed to bring the rising costs of flood insurance more in line with the actual risks that are involved. While homeowners who reside on coast lines, like Ponte Vedra Beach, are the ones who are most affected, all properties carry some form of flood risk, no matter where you live. Let's take a closer look at how you can get the most of your flood insurance policy purchase.

SCHEDULE A MEETING WITH A CERTIFIED FLOODPLAIN MANAGER IN FLORIDA

Also known as a CFM, they can provide a variety of useful information on how to save money on a flood insurance policy. There are a number of methods that can help you to reduce your premium payments, including the retrofitting of your home.

Other ways that a certified floodplain manager can help is by suggesting the installation of flooding vents and the best ways to go about installing breakaway walls in your home. Breakaway walls are a great way to lower your costs, since they raise the home's elevation and increase the overall safety.

INVESTIGATE THE GRANDFATHER RULE

Since Congress recently updated the flooding maps, the grandfather rule may apply to your home, allowing you to receive a discount on your flood insurance payments. For people whose homes were classified as a low risk on the older flood maps, but are now living in high risk zones according to the new maps, this rule can cut down on flood insurance payments significantly.

Lower rates can be obtained by homeowners who were already covered. A Preferred Risk Policy is available for those who qualify, which allows them to purchase flood insurance for a much lower price than those who do not.

LETTER OF MAP AMENDMENT CAN BE CONSIDERED IN FLORIDA

Florida homeowners who are able to provide sufficient, convincing evidence that their home does not actually require flood protection have the option of applying for a letter of map amendment. The application is filed through FEMA and if it is approved, the home is then excluded from flood maps.

From there, the bank that is responsible for financing your mortgage will exclude flood insurance from your required payments. While this is an option that is available to you, take the time to carefully consider it before proceeding. Should you successfully file for a LOMA and your home is damaged by flooding, you are going to be held financially responsible for the ensuing damages.

Read more at FEMA's website: http://www.fema.gov/national-flood-insurance-program