New maps could impact insurance cost
Timely renewal will grandfather property in flood zones
By RENEE JEAN
Daily Journal Assistant Managing Editor
Daily Journal Assistant Managing Editor
Published: Friday, November 20, 2009
Updated: Tuesday, November 17, 2009 11:08 AM CST
Updated: Tuesday, November 17, 2009 11:08 AM CST
The county’s flood plain maps have been updated, and it could have an impact on the amount of insurance property owners in flood zones pay if they don’t renew their insurance policy at least 30 days before the new map becomes effective.
Not to worry, there’s plenty of time to find out where your property lies and get a renewal on your insurance policy if need be. A timely renewal will grandfather the property in on the older, less costly insurance rate.
Dennis Lawlor with Amec Environmental and Dale Schmutzler with the State Emergency Management Agency met recently with officials of Farmington, Park Hills and St. Francois County to discuss the new maps and the timeline for its implementation.
Lawlor said there are more areas in the 100-year flood plain areas than before, but officials said it was not really possible to quantify how many more.
There won’t be any notifications to individual property owners. It will be up to each property owner to seek out the information. Copies of the maps are available for public review at the city offices of Farmington and Park Hills and at the County Clerk’s office. Call to make an appointment, first, however, so someone can sit down with you to explain the maps and find your property on it.
If you live near a river or other large drainage structure, you should check the map to see if your property is affected.
At this point in the process, the maps are on a 90-day review, to correct any errors and ensure accuracy of elevations, street names, political divisions and so forth.
Following the 90-day appeal period, FEMA engineers will examine and research any issues with the maps to resolve them and ensure they are accurate and supported by sound scientific data. A Letter of Final Determination will then be issued establishing final flood elevations.
This begins a six-month period during which the community must adopt or amend its floodplain management regulations. The map then becomes effective, and that is also when new flood insurance rates become effective. Those in high-risk areas will have to purchase flood insurance.
Insurance rates may rise for some property owners in high-risk areas, reflecting the heightened risk, but property owners can avoid these higher rates by purchasing their policy at least 30 days prior to the effective date. This will grandfather them in not only for that year, but for future years as well, Lawlor explained.
The National Flood Insurance Program was established by Congress in 1968 to protect individuals and communities from losses associated with floods.
FEMA uses USGS elevations and calculations to identify Special Flood Hazard Areas. These higher risk areas are defined as any land area that has a 1 percent chance of being inundated by flood waters in any given year.
The Special Flood Hazard Area is a compromise between the need for building restrictions to minimize flood-related losses and the economic benefits that can be derived from floodplain development.
Development may take place in the SFHA provided it complies with local floodplain management ordinances which must meet minimum federal standards. Flood insurance is required for insurable structures within the high-risk areas to protect financial investments.
Renee Jean can be reached at 573-431-2010, ext. 117 or at rjean@dailyjournalonline.com.
Not to worry, there’s plenty of time to find out where your property lies and get a renewal on your insurance policy if need be. A timely renewal will grandfather the property in on the older, less costly insurance rate.
Dennis Lawlor with Amec Environmental and Dale Schmutzler with the State Emergency Management Agency met recently with officials of Farmington, Park Hills and St. Francois County to discuss the new maps and the timeline for its implementation.
Lawlor said there are more areas in the 100-year flood plain areas than before, but officials said it was not really possible to quantify how many more.
There won’t be any notifications to individual property owners. It will be up to each property owner to seek out the information. Copies of the maps are available for public review at the city offices of Farmington and Park Hills and at the County Clerk’s office. Call to make an appointment, first, however, so someone can sit down with you to explain the maps and find your property on it.
If you live near a river or other large drainage structure, you should check the map to see if your property is affected.
At this point in the process, the maps are on a 90-day review, to correct any errors and ensure accuracy of elevations, street names, political divisions and so forth.
Following the 90-day appeal period, FEMA engineers will examine and research any issues with the maps to resolve them and ensure they are accurate and supported by sound scientific data. A Letter of Final Determination will then be issued establishing final flood elevations.
This begins a six-month period during which the community must adopt or amend its floodplain management regulations. The map then becomes effective, and that is also when new flood insurance rates become effective. Those in high-risk areas will have to purchase flood insurance.
Insurance rates may rise for some property owners in high-risk areas, reflecting the heightened risk, but property owners can avoid these higher rates by purchasing their policy at least 30 days prior to the effective date. This will grandfather them in not only for that year, but for future years as well, Lawlor explained.
The National Flood Insurance Program was established by Congress in 1968 to protect individuals and communities from losses associated with floods.
FEMA uses USGS elevations and calculations to identify Special Flood Hazard Areas. These higher risk areas are defined as any land area that has a 1 percent chance of being inundated by flood waters in any given year.
The Special Flood Hazard Area is a compromise between the need for building restrictions to minimize flood-related losses and the economic benefits that can be derived from floodplain development.
Development may take place in the SFHA provided it complies with local floodplain management ordinances which must meet minimum federal standards. Flood insurance is required for insurable structures within the high-risk areas to protect financial investments.
Renee Jean can be reached at 573-431-2010, ext. 117 or at rjean@dailyjournalonline.com.
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