From The Fort Morgan Times (Doug Larkey):
On Tuesday, Oct. 8, an informational meeting was held to inform residents along the South Platte River of the changes in the floodplain maps used by community officials, insurance providers and mortgage lenders.
This meeting was hosted by Morgan County Floodplain Administrator Pam Cherry. It was held in the Founders Room at Morgan Community College. Also present was Diana Herrera, Federal Emergency Management Agency (FEMA) Region 8 senior insurance specialist…
Herrera spoke some about the impacts of changes to the floodplain maps to insurance rates.
“Mainly what we’re talking about is the map changes that are coming along the South Platte River,” she said, with the goal being “to let the property owners know what their risk is and how they can protect their financial interests.
There are some changes coming, she said.
“The cost of insurance outside the special flood area is about $500 a year for $250,000 on buildings and $100,000 on contents,” Herrera said. “Inside the high-risk area, there are a number of factors, how was it built, number of floors and age among other factors.”
She also said that there are changes coming to the National Flood insurance Program and for how flood insurance and risk for flood is factored…
“We are modernizing the National Flood Insurance Program, and sometime at the end of next year we are hopeful that we will be able to do an individual risk for flood,” Herrera said…
To learn more about the NFIP and flood insurance, call 1-800-427-4661 or contact an insurance company or agent.