The City of Boulder has recently finished a study on the flooding potential along the South Boulder Creek area. The Federal Emergency Management Agency (FEMA) had rejected an earlier study concluding that it was too conservative. This latest study predicts that approximately 1,137 structures would be underwater during a 100-year flood.
How does this affect Boulder homeowners? Well, if you house is in the newly described 100-year flood plain you will likely be required by your mortgage holder to obtain flood insurance. Those who have federally subsidized mortgages will probably be required to purchase FEMA insurance which costs an average of $12,00 annually. Future building in the flood plain could be restricted as well. Even though it could take up to a year for FEMA to formally adopt the new study, the City of Boulder will begin enforcing land use and building code requirement soon. It could alter your plans for an addition or a home sale!
To find out more information or to see if your home falls in the projected flood plain, visit http://www.southbouldercreek.com/. We advise you to talk to your insurance agent now, as obtaining flood insurance before the formal adoption of the study by FEMA may save you a substantial amount on insurance premiums!
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