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<br /> Dollar Cost of an NFIP Cost of an NFIP <br /> LMCIT property amount of a flood insurance flood insurance <br />Building and premium at 35% policy, within policy, outside <br />contents value current average premium the IOO-year the IOO-year <br /> LMCIT rates surchar2e flood zone flood zone <br />Bldg: $200,000 <br />Contents: $100,000 $450 $158 $3,325 $1,836 <br />Bldg: $500,000 <br />Contents: $500,000 $1,500 $525 $8,257 $3,879 <br /> <br />Is flood really worth worrying about for most buildings? <br /> <br />The risk of flood damage is not insignificant, even for buildings considered to be at low or <br />moderate risk for flood. Spring run-off flooding of rivers and streams is the obvious risk that <br />most of us will think of, but it's not the only flood risk. Localized torrential rainfall can also <br />cause flood damage, and that can happen just about anywhere, including in areas considered to <br />be at a low or moderate flood risk. There's a great deal of information on flood risks at FEMA' s <br />website at http://www.floodsmart.govlt1oodsmartlpages/index.isp <br /> <br />Tell us what you think <br /> <br />A 35% premium increase on buildings in the 500-year flood plain would be significant, and it's <br />not something the LMCIT Board would do lightly. Before making that decision, the Board <br />wants to hear what you think. <br /> <br />· Would you favor going ahead with a flood program, if it meant premium increases as <br />outlined above? Would the benefit be worth the cost? <br /> <br />· Should LMCIT continue to leave it to individual cities to decide whether to either buy an <br />NFIP policy or self-insure their flood risk? <br /> <br />· Should LMCIT look insteadfor other options - i.e., one that provides less protection but <br />costs less? <br /> <br />As you consider these questions and your reactions, here's a quick recap of the key points to <br />consider: <br /> <br />· Many cities currently have no coverage for flood damage to many of their buildings. Federal <br />or state disaster assistance might or might not be available; if not, the city would be on its <br />own for flood damage. <br /> <br />· We think it's feasible to provide flood coverage for all city buildings, but it would <br />significantly increase cities' property premium costs for buildings within the 500-year flood <br />zone. Our best estimate is the increase would be in the range of35% ofthe premiums on <br />those buildings. <br />