December 3, 2014

One resident recently escapes flood insurance requirement

by Florence Hallford
Lovington Reporter

At the Lovington Village Board meeting in October, the village was surprised when they received a letter from FEMA stating that a portion of property located in the flood plain was lifted. Ron Lamb, owning a residence on West Jefferson, was able to prove that there was a less than one percent chance the property would flood in a 100 year flood. Lamb was unable to be reached for comment, but often times, landowners seek this course of action to alleviate the cost of the additional insurance required of home buyers to have flood insurance.

Insurance is required to get a mortgage, but when the property is in a flood zone, additional flood insurance is required. When seeking a mortgage, each home is determined to be or not to be in a flood zone. If in a flood zone, the property is rated according to levels determined by FEMA. Insurance costs are adjusted accordingly and can be expensive.

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