:: 106.3 The Fox Local News ::
Thursday, April 18, 2013 - 5:00 AM
Flood insurance rates are going up across the nation, and the move is expected to have a significant impact in Findlay. The Courier reports around 1,300 area residents are flood insurance policy holders. According to FEMA the federal government wants rates to "reflect the true flood risk" of homes and businesses that are covered.
Findlay Mayor Lydia Mihalik tells the newspaper the rate structures were put in place to encourage property owners to elevate their homes to limit repeat flood damage. For instance, if you own a $250,000 home located four feet below the base flood elevation, you would pay about $9,500 per year for flood insurance. That same home elevated to three feet above the base flood elevation would pay around $427.
Findlay banned the practice of building below the base flood level in 1985, but many older homes and businesses near the Blanchard River were built well before then.
MORE: The Courier