Minot, N.D., leaders say the Federal Emergency Management Agency’s proposed new flood plain map could raise insurance premiums for thousands of property owners.
The preliminary map shows about 4,000 properties along the Souris River moving from preferred flood risk to high-risk flood zones.
City engineer Lance Meyer tells the Minot Daily News a grandfathering provision will keep insurance premiums from rising faster than 18 percent annually for those who lock in their insurance before the new map takes effect. That could happen by July 2018.
The city will have opportunity to appeal elements of the flood map if it believes FEMA’s new calculations are inaccurate.
Flood protection planning and work in Minot has been ongoing since the June 2011 Souris River flood, which caused $700 million in damage in the city.
Topics Flood Pricing Trends
Was this article valuable?
Here are more articles you may enjoy.
California Sees Two More Property Insurers Withdraw From Market 
Dubai Floods Expose Weaknesses to a Rapidly Changing Climate 
AIG General Insurance Chairman McElroy to Retire May 1 
Marsh McLennan Agency to Buy Fisher Brown Bottrell for About $316M 
