Flood Insurance Rate Map Changes Affect Bedico Creek
With the introduction of the new FEMA Flood Insurance Rate Maps (FIRM) in January of 2013, many residents in the Greater New Orleans area have been “holding their breath” in anticipation of what this will mean for adjustments to their insurance rates. After studying the new map, we have discovered that Bedico Creek Preserve will enjoy a reduction or complete elimination of flood insurance for our development. The Rate Maps indicate that the BFE (Base Flood Elevations) for this portion of Madisonville and St. Tammany Parish have been elevated so that flood insurance will be reduced so dramatically that any policy amount would be negligible or the requirement for flood insurance would “fall off” other existing lots and new homes in our community. BFE is the elevation on the Flood Insurance Rate Map (FIRM) for Special Flood Hazard Areas. The FIRM shows the water surface elevation which results from a flood and bases its Zones on the one percent chance of equaling or exceeding that water surface level in any given year.
After the presentation of the preliminary maps, FEMA met with residents of all of the affected parishes in the Greater New Orleans area. At a town hall meeting With the introduction of the new FEMA Flood Insurance Rate Maps (FIRM) in January of 2013, many residents in the Greater New Orleans area have been “holding their breath” in anticipation of what this will mean for adjustments to their insurance rates. After studying the new map, we have discovered that Bedico Creek Preserve will enjoy a reduction or complete elimination of flood insurance for our development. The Rate Maps indicate that the BFE (Base Flood Elevations) for this portion of Madisonville and St. Tammany Parish have been elevated so that flood insurance will be reduced so dramatically that any policy amount would be negligible or the requirement for flood insurance would “fall off” other existing lots and new homes in our community. BFE is the elevation on the Flood Insurance Rate Map (FIRM) for Special Flood Hazard Areas. The FIRM shows the water surface elevation which results from a flood and bases its Zones on the one percent chance of equaling or exceeding that water surface level in any given year.
After the presentation of the preliminary maps, FEMA met with residents of all of the affected parishes in the Greater New Orleans area. At a town hall meeting in
Madisonville, Louisiana, on Tuesday, March 26, 2013, David Vitter spoke at the meeting and answered questions from homeowners and home buyers about the upcoming rate changes.
“With higher flood insurance rates ‘on the way,’ elected leaders must work with FEMA to ensure that new flood insurance rate maps for St. Tammany Parish accurately reflect the risks,” said U.S. Sen. David Vitter, R-La. “Even though some people will be paying more over the next few years, the ‘horror stories’ about huge rate spikes – such as a premium increase of $500 to $12,000 annually – are clearly untrue.”
The original reason that the Rate Maps were to be altered was because of a change of legislation in 2012. Congress passed the Biggert-Waters Act which reauthorized the National Flood Insurance Program but without the federal subsidies for flood insurance. The reason for ending the subsidies is to stabilize the flood insurance program as it is currently $27 billion in debt. The new terms will make homeowners liable for the cost of the program just like a traditional insurance company setup. This will bring an increase of flood insurance premiums to areas of St. Tammany Parish that repeatedly flood, but it will decrease or eliminate altogether those tracts of land or developments that experienced an 
increase in flood protection, such as our subdivision – Bedico Creek Preserve.
The Biggert-Waters Act also created a permanent extension of the National Flood Insurance Program that will last 5 years (until 2017). So, most of the “growing pains” and the adjustments should be taken care of by the time the program “goes out on its own.” The new FEMA Rate Maps have not been finalized by St. Tammany Parish. The process, as dictated by FEMA, will give all parishes in the Greater New Orleans area 6 months to finalize the Rate Maps once all town hall meetings have been conducted.
For homeowners in Bedico Creek Preserve, you should definitely consider evaluating your flood insurance policy amount once FEMA’s 6-month time period has expired. Bedico Creek Preserve is enjoying amazing growth with the consistent sale of new lots to new home buyers, custom home buyers, and builders. With the reduction or elimination of the requirement for flood insurance, our home buyers will see one part of their mortgage approval process eased by not having the headache of obtaining a premium. To learn more about our Lots for Sale or Homes for Sale, Contact Us at 985-845-4200 or E-mail Info@LiveBedico.com.
