Owners of 571 Cedar Rapids residential properties that were previously outside the 100-year and 500-year floodplains now are considered in the danger zone, requiring many of them to shell out an average of $1,100 a year in unexpected premiums for flood insurance.
City officials want to help absorb some of that financial shock and ease property owners? transition to the new payments through a FEMA-backed Preferred Rate Policy Eligibility Extension program that allows qualifying applicants to pay less than standard insurance premium for three years.
The program debuted in January, and two property owners have been through the FEMA program as a sort of ?test? to determine its ability to generate savings.? Joe Mailander, civil engineer for Cedar Rapids, told the Flood Recovery Committee during its meeting Friday that the program had ?great results? for those two properties and he hopes more eligible owners will apply for reduced annual premiums.
?We are trying to notify everyone in the city,? Mailander said. ?We?re not only notifying property owners, but local insurance agents too.?
Once the word is out about the possible insurance premium reductions, Mailander said, ?the city will step back.?
?It will be an issue between the property owner and the insurance company,? he said.
The 571 properties that previously were outside the 100-year and the 500-year flood zones were moved into the 100-year zone after FEMA in April 2010 accepted revised flood maps that changed the flood zone boundaries.
The two property owners who worked with the city and FEMA to lower their insurance premiums live in the Vinton Ditch area. One of the two has received confirmation that his annual premium will drop from $977 to $324.
The other person expects confirmation next week that his premium will be reduced and a refund check will be issued, according to Mailander.
In an effort to reach the other property owners who might qualify for reduced premiums, the city is planning to send letters to all the property owners in the 100-year and 500-year flood zones on Aug. 1 and hold an informational meeting Aug. 24 about flood insurance discount programs with the help of a FEMA representative.
Both property owners and insurance agents will be invited to attend those meetings so they can work toward rate reductions independently, Mailander.
Flood Recovery Committee Chairman Don Karr praised the initiative as one of the many ways city officials are advocating for residents still trying to get back on their feet after the 2008 floods.
?This will help a lot of people,? Karr said.
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