Flood-map fixes bail out PB County property owners

Miami /
May.May 15, 2016 02:15 PM

Palm Beach County property owners collectively have saved millions on flood insurance because the county has fought to fix faulty flood maps from the Federal Emergency Management Agency (FEMA).

In 2013, FEMA delivered a proposed flood map of Palm Beach County to county officials for their review. Ken Todd, water resources manager for Palm Beach County, told the Palm Beach Post that the proposed flood map from FEMA was filled with mistakes.

Large sections of land in the central and western parts of the county were designated for the first time in decades as high-risk flood zones, potentially making flood insurance mandatory for property owners in these zones.

Homeowners who financed their home purchase with a  mortgage loan made possible by a federal program are required to buy flood insurance if they reside in a high-risk flood zone.

An initial revision of FEMA’s proposed county flood map removed 35,891 parcels that had been added to high-risk flood zones, but 62,041 others were still inside these zones.

In April, FEMA sent a further-revised flood map of Palm Beach County to county officials for an analysis that is ongoing. In summer, FEMA is expected to send a Final Letter of Determination to the county and its cities.

Todd told the Palm Beach Post, “We weren’t trying to get people out of flood zones but to have maps as accurate as possible so someone won’t be paying a higher premium than they should be.” [Palm Beach Post] — Mike Seemuth


Related Articles

arrow_forward_ios
Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
Walton Street Capital Managing Partner Eric Mogentale with the complex (Alta Developers, Walton Street Capital)
Walton Street Capital buys Boynton Beach apartments for $93M
Walton Street Capital buys Boynton Beach apartments for $93M
CP Group Managing Partner Angelo Bianco with One Town Center (CP Group)
Singaporean REIT pays $100M for One Town Center office building in Boca Raton
Singaporean REIT pays $100M for One Town Center office building in Boca Raton
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
5900 Northwest Broken Sound Parkway and Pebb Enterprises President and CEO Ian Weiner (CBRE, Pebb)
Pebb Enterprises buys Boca Raton office building for $15M
Pebb Enterprises buys Boca Raton office building for $15M
Alina Residences in Boca Raton (Alina Residences)
El-Ad scores $53M construction loan for Alina Residences in Boca Raton
El-Ad scores $53M construction loan for Alina Residences in Boca Raton
Rendering of Boca Ice and Fine Arts Center courtesy of Peninsula Ice LLC 
Ice skating gliding into Boca: Arena developers score $14M construction loan
Ice skating gliding into Boca: Arena developers score $14M construction loan
Thomas Iovino and the Palm Beach property (Iovino via LinkedIn, Brown Harris Stevens via Realtor)
Construction chief buys flipped Palm Beach spec mansion for $18M
Construction chief buys flipped Palm Beach spec mansion for $18M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...