Summary of a conversation between LaVerne Matheson, President, Winston County Smith Lake Advocacy, Inc., and Janice Mitchell, FEMA
Re: Flood Insurance
The following is information as I understood it in my conversation with Janice Mitchell on Thursday, August 13, 2009:
1) There probably has never been a 100 year flood plain map completed on Lewis Smith Lake. When the lake was built in the early sixties there was no National Flood Insurance; thus, no map was required.
2) Where no 100 year flood plain map has ever existed, all “dark shaded” areas on the new flood zone maps are considered to be in class A (the most expensive flood insurance class). This would require all lenders to request flood insurance prior to the acquisition of any federally backed mortgage (and probably bank mortgages on a home or building, as well) regardless of the elevation of the property. In order to contest the requirement for flood insurance on the property, the property owner must obtain a new elevation survey, plus supply additional data, then request a reevaluation of FEMA’S data on the property. When the evaluation is completed, the owner will be notified of the findings, and whether flood insurance will be required. Even if FEMA rules that you do not need flood insurance for your mortgage, the lender can review the flood map, note that your property is in the “dark shaded” area and then the LENDER can require flood insurance before a closing. FEMA can do nothing about the lender’s request for flood insurance, but because your property is now in class X, your insurance should be less costly.
3-The expense of making any change to the flood insurance for Smith Lake would have to borne by Winston County, and would very costly for a hydrology engineer. FEMA might accept the new elevation maps from the engineer, but would it change the flood insurance requirement or the cost of flood insurance?
4-From my conversation with Janice Mitchell the best solution is to have your lot, development or property resurveyed, ascertain the correct elevation on your property and then ask for a reevaluation.
Janice Mitchell will discuss your problem with you and explain what might be best for you and what is required for a reevaluation of your property. JUST GIVE JANICE A CALL!!!!