Slight delay in flood plain map revisions 10/27/04 -... -
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Published on: 10/27/2004
Last Visited: 10/27/2004
Senior Vice President Dave Dohmen said once the FEMA maps are widely distributed -- in about six weeks -- the flood determination company can perform a "blanket" interpretation on all the affected loans and property owners will be notified of any changes.
"At this point, all we can do is a case-by-case basis," Dohmen said."We have 35 requests so far.
Once a property is removed from the flood plain, the property owner has the option of canceling flood insurance.The flood insurance cost is typically about $5 per $1,000 of borrowed money, Dohmen said, and is paid annually.
The good news is the change can be turned around rather quickly -- about a day or two, Dohmen said.