Flood Insurance: Not a Bad Idea
POSTED: Wednesday, July 28, 2010 - 8:24am
UPDATED: Wednesday, July 28, 2010 - 7:37pm
Lower Valley, El Paso- The city says the recent completion of levees along the sides of the Rio Grande lowers the flood risk significantly for thousands of people of in the Lower Valley.
Here's how it works. The local FEMA office designates flood zones. If your home is in one, the law says you have to buy flood insurance. But every couple years, FEMA updates it's maps.
And 9000 properties in the Lower Valley just got mapped out. That means they're not required to buy flood insurance any more.
Neighbor Randy Rodriguez says, "Some people might feel they need flood insurance. But on the other hand, I can see why some people might not want that."
Rodriguez may see value in flood insurance, but many don't. Most we spoke to say they don't want to pay anymore. City Engineer Alan Shubert says don't say no to flood indsurance too fast.
"The storms that we had in 2006, there was a tremendous amount of property damage, there were over 5000 homes in the city of el paso that were damaged by the storm and very few of them were actually in the flood plain."
With every neighborhood that gets mapped out of a flood zone, there's usually one that gets mapped in. And if you get added, Shubert says buying your insurance now can save you some cash.
"If you wait until the maps become effective and then go buy flood insurance, it's going to be a tremendous amount higher than it would be if you buy it between now and when the maps become effective."
So if you can afford it, flood insurance might not be a bad idea, wherever you live. Matt Rivers, NewsChannel 9.