Flood insurance may skyrocket

Homes built in floodplains before the floodplains were mapped will lose a significant discount they have received on flood insurance, planning and zoning officer Tonya Richards told Marion County Commission on Monday.

A homeowner who previously paid $700 to $800 a year may have to pay $3000 a year for flood insurance because of a change in federal rules. Floodplain maps in the county were made in the mid-1970s, she said.

Homeowners and buyers who can prove their house is elevated above the base flood level may get a waiver, Richards said. If someone isn’t sure, spending the few thousand dollars to have a survey done could be a gamble, she said.

 

Quantcast