|
Village of Point
Venture |
|
| The Letter of Final Determination (LFD) for the updated Travis County FIRMs was issued on March 26, 2008 This means that the maps will be effective beginning September 26, 2008. FIRM stands for Flood Insurance Rate Map. Among other uses, it is used by agents to determine the rate level of a structure built on a property located within the floodplain. Why should you care about this event? If you own a structure that is located on a lot within the floodplain, the rate level for flood insurance may be changing as of September 26, 2008. You should check the elevation certificate (EC) for your structure. If the EC shows that your lowest enclosed floor is below 722' msl, and you currently do not have flood insurance through the National Flood Insurance Program (NFIP) administered by the Federal Emergency Management Administration (FEMA), you may want to purchase the insurance now to grandfather the rate level at the current base flood elevation (BFE) which is 716' msl. To purchase NFIP flood insurance, you may consult the agent that writes your homeowners insurance, condo insurance, renters insurance, etc. Do you have to purchase flood insurance? No. However, any lender whose funds are backed by the federal government (which is virtually all mortgage companies), will require you to have NFIP flood insurance. Why do you care about grandfathering the rate level when you have no mortgage on your structure? Primarily, if your rate level will change, it will change the amount future owners of your property will have to pay if they want or are required to have NFIP flood insurance. This can affect the resale value of your property. Remember, to grandfather the rate level, you must have your flood insurance in place prior to September 26, 2008, and must maintain continuous coverage with annual renewals.
These are some links we hope you find useful: Lake
Travis Historic Level Information FEMA Information Resource Library Travis County New Floodplain Maps (including City of Austin viewer) City of Austin Map Viewer including all of Travis County Companies that provide elevation certificates: All Points Surveying ATS Consulting Engineers SNS Engineering
|