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structure compared with the lOa-year flood elvevation at the site of the structure, the agent can calculate the applicable rates for building and/or contents coverage. consideration in determining how much coverage is appropriate by a property owner are: l) Minimum premium is $50.00 per year which may be applied in two ways: a) 1 year policy of $l2,OOO coverage b) 3 year policy of $4,000 per year coverage 2) To receive full replacement cost for a structure and/or contents, owner must have coverage that is equal to 80% of market value. 3) To benefit from FIA's relocation programs, structures should be insured for full market value. With regard to parial coverage for structures and contents as related to varying degrees of risk, the insurance agent or Pueblo Action, Inc. can provide advise and assistance to owners. The insurance agent will consult the Rate Map and determine whether the property is in an A-zone (in the laO-year floodplain), in the B-zone (between the lOa-year and the SOO-year boundary), or in the C-zone (outside the SOO-year floodplain). If the property is in an A zone, he will determine what kind of A-zone, (dependent on the relative degree of risk). From this determination and the above mentioned information he can calculate the flood insurance rates. Impact of Army Corps Flood Control Project on Flood Hazard and Flood Insurance Rates The Army Corps of Engineers has proposed the Fountain Creek Flood Control Project to provide flood protection up to the level of the 200-year flood through channel improvements and levees. Structures currently in the lOa-year floodplain would be protected from flooding unless a flood greater than the 200-year flood occurred. Assuming the Corp project meets FEMA criterion, areas presently in A-zone would be placed in the B-zone or the C-zone. Flood insurance rates would change accordingly. Also, for some property owners flood insurance would no longer be mandatory. -6-