Reduce or Eliminate Required Flood Insurance Premiums at Bedico Creek Preserve!
Reduced or Non-Existant Flood Insurance Requirements for Our Residents!
Bedico Creek Preserve Flood Zone Fact Sheet
Bedico Creek Deemed Out of the Flood Zone by FEMA. New Map Changes Positively Impact Bedico Creek!
Land Elevations in Bedico Creek at 18’ to Over 25’ Above Sea Level.
All Lots at Bedico Creek Preserve Are in One of the Following Categories:
(1) Lot is NOT in a flood zone.
(2) Most Bedico Lots are in an area designated by the Army Corps of Engineers to be out of a flood zone, according to the new flood maps.
Therefore, upon St. Tammany Parish’s
acceptance of the new flood maps, Flood Zone
“X” will take effect.
(3) Until the new maps are adopted FEMA will allow each Lot (or home) to be removed from Flood Zone “AE” to Zone “X” via a Letter of Map Amendment (LOMA). This is an easy and inexpensive process.
(4) The few lots that will remain in the AE zone after the new maps are adopted are all filled such that once the home is complete a LOMA can be filed and it will be removed from the flood zone.
According to the new FEMA Flood Insurance Rate Maps (FIRM) released in January 2013, all but a handful of lots in Bedico Creek will benefit from the new FIRM by (1) designation to Flood Zone “X” (thus eliminating the requirement for flood insurance) and/or (2) greatly reducing “elective” premium rates. And, those few lots remaining in “AE” can easily be removed via a LOMA.
Why the drastic change in rates: The Flood Insurance Rate Maps have been altered because of a change of legislation in 2012 in which Congress passed the Biggert-Waters Act which (1) reauthorized the National Flood Insurance Program but (2) without federal subsidies for flood insurance premiums. The reason for ending the subsidies is to stabilize the Flood insurance Program, currently $27 billion in debt. The non-subsidized terms now make homeowners financially responsible for the entire cost of the coverage (based on their flood zone designation), just as traditional insurance companies operate. This will bring an, often dramatic, increase of flood insurance premiums to areas of St. Tammany Parish that repeatedly flood, however, it will also decrease or eliminate altogether those tracts of land or developments – such as Bedico Creek –located in an area where flooding does not exist or the likelihood of flooding is a negligible.
To Summarize the Facts:
All lots in Bedico Creek are either out of the flood zone, will be out once new maps are adopted, or can easily be removed from a flood zone, making Flood Insurance Premiums both an “elective” and “inexpensive” choice.
