FEMA expands flood plain in Schuylkill, bringing rising insurance rates
The
"There are some places where the difference is going to be big and other places where it is going to be slight,"
Some of areas in the county with noticeable additions to the flood plain include
Although about 1,000 parcels were added to the county's 100-year flood plain, Smith said there is no way to tell which properties have homes or other structures that need to be insured. Mortgage companies require homeowners with mortgages to buy flood insurance if they live in a flood plain.
Smith said property owners have received letters from mortgage companies giving them 45 days to get a policy.
Insured homeowners can keep their current rates until their policy lapses or their property is significantly improved or damaged.
Homeowners who believe
"The ball is in the court of the property owners for that," Smith said. "They really have to weigh the cost/benefit for themselves."
According to the 2013 Hazard Mitigation Plan, flooding is the most significant natural hazard facing
The estimated market value, based on the county's 1996 reassessment, for structures on properties in the flood plain total about
"There are a lot of property owners that do not have any flood insurance, mostly because they don't have a mortgage anymore," Smith said.
While a long-term resident may have their mortgage paid off, the next person to buy the home will be required to have flood insurance if they buy with a mortgage.
"(The new maps) have created a stigmatized property in flood plain zones,"
Hatter said flood insurance can add hundreds of dollars to what a potential buyer is looking to spend a month on a new home.
"While the house and mortgage may be affordable, they can't afford the flood insurance on it,"
Ramus said the new map has confused realtors as more homes throughout the county have been added to the flood plain.
"Some entire towns are in floodplains," she said. "In
Flood insurance can cost anywhere from
"That's an extra
Insurance premiums have skyrocketed since Hurricane Katrina and superstorm Sandy as the federal funding used in the National Flood Insurance Program since 1968 depleted and the program went
"The average homeowner is the one now paying the piper for it because the federal government removed the subsidy," Ramus said. "What it did was hurt the common person trying to buy a home in
"It is also hurting the sellers because houses that people have lived in for 30 to 40 years and didn't need flood insurance are now becoming white elephants," Ramus said. "Especially around here, a first-time home buyer does not have a lot of cash in the bank. We are seeing a lot of investment properties, but the average
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