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In most cases, yes. But that change will not be effective until after the construction is complete. We will then need to submit a LOMR to FEMA to update the current Flood Insurance Rate Maps (FIRMS).
In come cases, property owners may still need to carry flood insurance if improvements do not relieve all the flooding impacts to nearby properties.
It could take FEMA several years to review the improvements, perform analysis, and prepare new FIRMs.
Some properties not previously in a flood zone could be in a flood zone following construction. This is due to more accurate topographical survey data incorporated into the hydraulic model and is not related to the recent or upcoming improvements.