Flood insurance rates are determined by the current effective FIRMs. If, according to the new maps, your property is located in an SFHA and is mortgaged through a federally regulated and insured lender, you are required to purchase flood insurance. The new maps became effective on May 9, 2023. However, flooding can happen wherever it rains, which means purchasing flood insurance is a good idea even for property owners in low-risk areas.