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Lamar County Multi- Jurisdictional Hazard Mitigation Plan <br />Chapter Three <br />waterways has been severly reduced and floodplain wetlands converted to farmland. The loss <br />of stream bank vegetation has increased the county to a secondary hazard of erosion. <br />The fall of the local economy can be felt as a secondary hazard of floods. Local businesses <br />often do not reopen after being wiped out by a flood. Residents whose homes were flooded <br />may relocate to different communities to make a fresh start. The costs of the damages to <br />property do the most damage to the local economy. Most homeowner insurance policies do not <br />cover floods hence an additional flood policy is needed for coverage. <br />2 of the 6 Jurisdictions in Lamar County Participate in the NFIP the remain jurisdictions are <br />beginning the process to participate. <br />Table 7a: Why You Need Flood Insurance <br />Floods and flash floods can . Floods happen in all 50 states: on coasts, along rivers, in <br />occur anytime, anywhere. the desert, in communities of every size. <br />Roughly 30% of all flood insurance claims came from <br />areas not considered high risk <br />You can't rely on Federal <br />. Many people don't qualify for grants, making the most <br />Disaster Assistance alone. <br />common form of assistance a disaster home loan. <br />• These lonas must be repaid: principal plus interest. <br />You may be required to have <br />. Homes & buildings in high -risk flood areas with <br />Flood Insurance. <br />mortgages from federally regulated or insured lenders <br />are required to have flood insurance. These areas have <br />a 1 % or greater chance of flooding in any given year, <br />which is equivalent to a 26% chance of flooding during a <br />30 -year mortgage. <br />• When property owners receive federal financial <br />assistance following a presidentially declared disaster, <br />they may be required to purchase flood insurance <br />coverage <br />