“There is a tide in the affairs of men, Which taken at the flood, leads on to fortune. Omitted, all the voyage of their life is bound in shallows and in miseries. On such a full sea are we now afloat. And we must take the current when it serves, or lose our ventures.” – William Shakespeare
One of the key messages from Manhattan Senior Planner Chad Bunger during the Tuesday night city commission meeting was for those who reside within the new FEMA flood plain map to obtain flood insurance as quickly as possible to maximize savings. Bunger says the better rates will slip away as time goes on, and the savings could total from hundreds to thousands of dollars a year for property owners.
Bunger also revealed some of the staff suggestions for new regulations for homeowners in the flood plain as it pertains to renovations, and building additions to existing structures. Among the items brought before the commission included a cumulative tally of renovations that would require homeowners to build to new flood plain specifications if the total value of renovations or additions accounted for over 50% of the property value.
Currently FEMA regulations require such a measure if a one time event totaled more than 50% of the assessed property value. Commissioners quickly said no to that item stating it was too draconian, and homeowners should be allowed to renovate as long as it didn’t impact the flood plain by enlarging the structure’s footprint.
Bunger and his staff will now go back with recommendations from the commission to change the upcoming developmental regulations to reflect that philosophy.
Too find out if your property is within the new flood plain map you can go HERE.
