FEMA approval of new floodplain map relaxes insurance requirements for homeowners
City Times Staff
After a decade of waiting, more than 200 Stevens Point property owners no longer need to carry floor insurance.
Home and business owners through the downtown area and beyond had been forced to carry such policies- sometimes at a cost of up to $1,000 annually- thanks to a federal law which placed their properties inside the flood plain of the Wisconsin River.
The properties span from the downtown to Wisconsin Street.
Property owners no longer need to carry those policies. In a letter dated May 29, residents and property owners in the affected areas were notified the Federal Emergency Management Agency (FEMA) had finally approved the city’s new seawall- a wall designed to protect the neighborhood from the Wisconsin River in the event of a 100 year flood.
The process of improving the new wall began more than a decade ago, while getting a state and federal thumbs up took two years.
City leaders are urging property owners who carry flood insurance now to contact their mortgage and insurance companies with a copy of the new flood plain map. The map can be found here.