This may happen, but will have no effect on how you receive emergency messages. CodeRED is a phone number based system - if your phone number (text or email) is included in the system, you will be called.
The address is important because it allows emergency phone calls to target specific neighborhoods. For example, with a major storm, all phones regardless of their address will be called. However, if a water break requires one neighborhood to take water safety precautions, only those addresses affected can be called.