US: The insurance rates of many Marco Island properties in Florida are likely to drop following the findings of the preliminary FEMA Digital Flood Insurance Rate Maps for Collier County and its municipalities. The map suggests changes in the minimum flood-zone heights for the zone in which the property is located. Being above the minimum flood-zone height can enable property owners to seek reduced rates from their property-insurance company.
The minimum elevation above sea level at which there would be a 1 per cent chance of a building getting flooded in 100 years determines the flood-height standards. When approved by FEMA, the proposed map will replace the current one, which has been in effect since November 2005.
“Technological advancements have resulted in a more accurate map,” said Robert Devlin, the city of Marco’s flood-plain coordinator. FEMA updates the maps for coastal Florida every five to 10 years, Devlin added.
FEMA’s target date for adopting the map is September 2011.