Several residents and property owners in Washington Township are facing the possibility of increased insurance premiums as a result of a recently completed DNR flood plain distinction.
According to Rush County Area Plan Commission director Kate Meyer, the 90-day appeal deadline regarding the matter is rapidly approaching; the close of business March 11 is the final day for property owners to file an appeal contesting the state’s finding.
Research into the flood plain issue was undertaken in 2007. Four years later, in 2011, preliminary maps and notifications were sent to roughly 750 property owners and residents.
“We have had a few inquires regarding the issue in recent weeks and months,” Meyer said.
She continued by saying that one of the biggest potential changes is the cost of insurance for properties in the area, with increases of 10 to 20 percent over current rates possible.
The possible increase in insurance premiums is a result of the Biggert-Waters Flood Insurance Act of 2012 that was signed into law by President Obama in July. This measure extended the authority of the National Flood Insurance Program (NFIP) for five years and included a number of changes and reforms including risk-based pricing for flood insurance.
Contact: Frank Denzler @ 765.932.2222 x106