1995-04-27_AgendaPacket - Laserfiche WebLink

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ntr 1 A T Page i building where the map is revised to show the building to be in o Special Flood Hazard Area (SFHA) when ft had not been in a SFHA. y-Tom Luten, Fioodplain Hydrologist In the Fall 1994, edition of Water Talk, tt was reported that President Clinton signed the . National Flood Insurance Reform Act on September 23, 1994. Different aspects of the Act will be implemented piecemeal over time. The following two noticeable aspects of the Act dealing with the limits of flood insurance Coverage and the waiting period for purchoce of flood insurance coverage take effect on March 1,1995: AMOUNT OF FLOOD INSURANCE COVERAGE AVAILABLE AS OF MARCH 1, 1995 REGULAR PROGRAM Insurance Coverage (thousands of dollars) Basic Addit'I. Total Building Coverage Single Family Dwelling 50 100 250 2-4 Family Dwelling 50 20 250 Other Residential 135 115 250 Non-Residential 135 365 500 Smoli Business 135 365 500 contents Coverage Residential 15 85 100 Non-Residential 115 385 500 Smaii Business 115 385 500 IMPLEMENTATION OF THE 30-DAY WAITING PERIOD - The 30-day waiting period will apply to any policy or any endorsement increasing policy limits for which the date of application, or request for endorsement, and presentment of premium occurs on or after March 1,1995. There are two exceptions to the 30-day waiting period. First, when the purchase of the insurance is in connection with the making, increasing, extension, or renewal of a loon, there is no waiting period, and coverage is effective immediately. Second, when the purchase of the insurance is related to the revision or updating of a Flood Hazard Boundary Map or Flood Insurance Rate Map, there is no waiting period. This means there is no waiting period for a The 30-day wafting period will replace the current 5-day waiting period. This means that potential purchasers can no longer wart until a flood event Is underway (for example. as with the spring snowmelt) to decide if they wish to buy flood insurance. The previous limits of coverage are not being reprinted here in their entirety. Although, for comparison purposes, the previous limits of coverage for single family dwellings was: 1) building coverage-"basic insurance limit" of 535.000 and 'additional insurance limits' of S 150,000 = S 185,000 total building coverage; and 2) contents coverage-`basic insurance limit` of S 10.000 and 'additional insurance limits" of S50,000 = S60,000 total contents coverage. 'Water Talk' k published by the Minnesota Deportment of Natural Resources, Division of Waters, of 500 Lafayette Road, 57. Paul, MN 55155.4032 Phone Number: (61?J 29frd80n - Editor(s): Robb Cogett !- and Tom Hovey Graphic Arts: Jlm Zlcopulo - TyplnB: Kathie Frledl ' Layout: Aldus Pogemaker ~_ Printing: Lino Lakes Correctional Facility -~ CIRCULATION: 2,400 o r990 Stcrfe o/ fa. DepartrnenP of -Hohrnr .: W-~#rion o~ waders s The DNR Information Center phone numbers: Twin Cities: (612) 296 157 MN Toll Free: 1-800-766-6000 Telecommunication Device for the Deaf: (612) 296-5484 . MN Toll Free: 1-800-657-3929