Flood Maps

This article on outdated flood maps strikes me as problematic.

According to the article, the updated flood map survey that was just completed still has a lot of outdated information in it. As a result, several rivers and streams in the Atlanta area that routinely flood are way out of whack.

At the same time, several home owners say that if the maps were right, they would have had flood insurance. Actually, if the maps were right, the government and banks would have forced them to have flood insurance.

My question is, if these residents see routinely that the rivers and streams are rising higher than they should, why not go get flood insurance without being forced to? After all, a hurricane hitting the Gulf Coast bringing days and days of rain to Georgia is not a far fetched scenario. Neither is frequent rain from fronts moving through the area.

3 comments

  1. ByteMe says:

    You can only get flood insurance through the national flood insurance program if your community participates in the NFIP:

    http://www.fema.gov/cis/GA.html

    Otherwise, you have to get it through your home insurer, if they offer it (and many explicity exclude flooding and water-related damage from their homeowners policy).

  2. Justin Tomczak says:

    Here is some helpful information:

    All flood insurance is through the national flood insurance program. Private insurers sell the federal policies through their distribution networks (Agents, etc…).

    Customers can buy federal flood insurance no matter where they live if their community participates in the National Flood Insurance Program, with a few exceptions.

    All but 10 Georgia communities participate in the program (and there are available options for those who live in areas that don’t).

    There is generally a 30 day waiting period before flood coverage is effective.

    The basic homeowners policy does not include flood coverage.

    Between 20 and 25% of all flood insurance claims are paid to people living outside high risk areas.

    Banks require those living in the flood plain (as defined by FEMA) to have flood insurance to protect the bank’s interest in the property. Many people are at risk and don’t realize it.

  3. Game Fan says:

    That seems like a good gig. Selling flood insurance without the downside of low insurance ratings for the underwriter for too many high risk insured. So as long as the taxpayer foots the bill what’s the incentive for the politicians to provide the proper infrastructure for flood prevention? We already know where the incentive is when politicians and developers get together on the golf course.

Comments are closed.