Flood Plain Home Insurance

Flood plain review could mean savings for Taylor Pond residents

AUBURN — A city review of proposed federal flood plain maps could lower the flood threat around Taylor Pond and create big savings for some residents.

City Planner Eric Cousens said he was notified Thursday that the Federal Emergency Management Agency would be lowering the flood elevation of Taylor Pond from 247 feet to 246 feet.

That's the upper-limit level the pond would reach in a 100-year flood and is used to determine which properties would flood and to set rates for flood insurance.

City Engineer Dan Goyette said that lowering that elevation by 1 foot would remove several Taylor Pond homes from the flood plain.

"It's tough to say exactly how many homes will be affected, but it should be significant," Goyette said. "It's probably wise for those homes to keep their flood insurance. But if they've moved out of the flood plain, it makes the rates much more affordable."

Cousens said he expects to see new proposed flood plain maps of the entire city, based on the new elevations, in February. He plans to schedule at least two public reviews of the maps with property owners, as well.

The new maps will be reviewed and revised and are scheduled to go into use in March 2013.

Standard home insurance policies don't cover flood damage. The federal government created the National Flood Insurance Program in 1968. FEMA creates maps of the flood plains that are used to set those rates, and is updating the maps for all of Androscoggin County.

Auburn officials first saw the new proposed flood plain maps for Auburn last May, Cousens said.

The proposed maps made few changes around the city but would have raised the flood elevation in Taylor Pond by a foot, to 248 feet. That would have required 35 new properties to get flood insurance and would have increased insurance rates for 540 other residences in the Taylor Pond area that were already in the flood plain.

"The big concern we had was, for 540 homes paying an additional $1,500, that's three quarters of a million out of taxpayers' pockets," Goyette said. "That's money that's not going back into the local economy.

Homeowners Insurance – Read the Fine Print! « AtHomeSense.com

Urveys are showing that many people are not exactly sure what their homeowner insurance policy covers and does not cover. Since Homeowners Insurance is mandatory if you owe money on the property and well advised to have even if you don’t, it only makes sense to get educated on the ins and outs of your policy.   Most people pay the premium every year and never read their policy.   Remember, the  devil is in the details.   Read your policy and pay close attention to the exclusions.   If you have questions, call your agent; he’s there to help you.

Here are a few things to be aware of  that Homeowners Insurance typically does NOT cover:

Flood or Earthquake Insurance . You must purchase separate coverage. Cars, motorcycles and boats are not covered. Damages due to a break in the water line on your property. Damages due to a break in the sewer line on your property. Mold damage. Termites or other infestation damage. Injured or stolen pets.

Many people surveyed believed these things were covered, and they are not. Experts also recommend that you add coverage if you acquire valuable possessions, or make any major home improvements. If you own a trampoline or pool, you may need to increase your liability coverage. If you have valuable jewelry you may also want to add an additional floater to cover any special items that will not be covered by your basic homeowners policy.

For more information on the types of coverage available and how to save money on your homeowner’s policy, click here .

Related articles Homeowner’s Insurance (activerain.com)

Some of the possible losses that are usually covered by your homeowners insurance policy include fire, wind or even water damage from broken pipes. One thing to be aware of, many homeowners insurance policies do not cover losses due to flooding caused as a result of living in a flood plain or earthquake damage caused by an earthquake.

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