FLOOD04311 - Laserfiche WebLink

Home Browse Search

Actuarial rates vary according to the type of structure (one-story, two-story, split level, no basement, etc.), the rate zones as shown on the Flood Insurance Rate Map, and the elevation of the lowest floor of the stucture relative to the 100 year flood water surface elevation. One copy of the actuarial rate tables has been provided for Pueblo Action, Inc. staff. It is strongly recommended that a staff person attend a flood insurance workshop for insurance agents or that a licensed insurance agent familiar with flood insurance be contacted to explain these rate tables correctly. An important date regarding flood insurance rates is that any structure constructed or "substantially improved" after August 24, 1973 must pay actuarial rates to purchase flood insurance. By "substantialy improved" is meant constuction that cost more than 50% of the market value of the original structure. That includes additions and reconstruction or a damaged structure. For those structures, flood insurance in the amount of the mortgage would be mandatory if federal mortgage financing is used. Under NFIP regulations, structures within an identified lOO-year floodplain would have to be elevated to or above the 100-year flood elevation or a variance would have to be obtained. If a variance were granted, and the structure was not elevated, the actuarial rates would have to be paid. A city that did not enforce these requirements could face suspension from NFIP, a loss of disaster relief funds, and federal grants and mortgage monies. Procedures for Obtaining Insurance Coverage Property owners who want to obtain flood insurance may contact a licensed casualty insurance agent. The agent will have copies of Flood Insurance Rate Map (FIRM). If an agent does not have FIRMs, he can obtain copies and additional information by contacting Jim Quinn - 1- (303) 986-4597. By reviewing the map, obtaining information about the structure, and by comparing the elevation of the lowest floor of the -5-