Public Meetings Will Explain New Flood Insurance Options Available to Washington County Property Owners
December 21, 2012 – (RealEstateRama) — Washington County flood insurance questions will be addressed at five public meetings in Waterbury, Barre City, Northfield, Marshfield, and Montpelier. The meetings will focus on newly revised flood hazard maps and the insurance options available for structures that may be affected by the updated designations. Structures that have been identified for the first time as being at a high risk of damage by flooding may benefit by getting flood insurance now before the official map changes go into effect.
The Washington County Digital Flood Insurance Rate Map (DFIRM) will take effect on March 19, 2013. In some places the boundaries of the flood hazard area have changed. Where the flood hazard area is more extensive, flood insurance is available for residential structures as a low cost “Preferred Risk Policy” (PRP). After the map change the PRP can be renewed twice before the insurance increases step-wise to the full cost.
The Washington County DFIRM data can be viewed online at the VT ANR Natural Resource Atlas: tinyurl.com/vt-atlas If your home is in the flood hazard area (Zone A or AE) for the first time then you may want to consider taking advantage of the Preferred Risk Policy (PRP) option before the March 19 2013 deadline. More information is available online at vtfpm.blogspot.com
Meetings to discuss insurance options are now scheduled for:
Tuesday January 8, 7 pm at Thatcher Brook Primary School, Waterbury
Thursday January 17, 7 pm Alumni Hall, Barre City
Tuesday January 22, 7 pm, Brown Public Library, Northfield
Thursday January 31, 7 pm, Old Schoolhouse Common, Marshfield
Tuesday February 5, 6 pm Memorial Room, City Hall, Montpelier
In Vermont in a high risk flood hazard area an average flood insurance policy currently costs around $1,400 per year for $170,000 in coverage. Under the new DFIRM it is estimated that around 200 structures will be identified for the first time as being in the high risk zone. Approximately 500 structures will no longer fall into a high risk area. Flood insurance is available to any structure in a community that participates in the National Flood Insurance Program. For more information on flood insurance contact the agent that manages your homeowner’s insurance or visit www.floodsmart.gov
Source: Agency of Natural Resources
