HomeMy WebLinkAbout10 04 1996 LOMA
(JM
{mrn @ @ OIlV' rn n I
~rIJJtt' 7 ~ U
e
Federal Emergency Management
Washington, D.C. 20472
OCT 4 1996
Mr. Jan and Mrs. Ann Mathiesen
14496 Shady Beach Trail
Prior Lake, Minnesota 55372
IN REPLY REFER TO:
Case No.: 96-05-3824A
Community: City of Prior Lake,
Scott County,
Minnesota
Co~nunity No.: 270432
Map Panel No.: 0005 B
T-218-70-RS
Dear Mr. and Mrs. Mathiesen:
This is in response to your request received August 15, 1996, that the Federal
Emergency Management Agency determine whether the following property is
located in a Special Flood Hazard Area (SFHA), an area that would be inundated
by the 1% annual chance flood.
Property Description:
That part of Lot 11, Shady Beach No.2, as
described and recorded in Warranty Deed No.
282334, filed in the Scott County Recorder's
Office
e Flooding Source: Lower Prior Lake
Street Address: 14496 Shady Beach Trail
Community: City of Prior Lake, Scott County
State: Minnesota
On September 16. 1996, we received all information necessary to process your
request. After comparing this information with the National Flood Insurance
Program (NFIP) map for the community referenced above, we determined that
although portions of the property would be inundated by a 1% annual chance
flood, the existing structure would not. Therefore, this letter amends the
map for the City of Prior Lake, Scott County, Minnesota (NFIP Map Number
270432, Panel 0005 B, dated September 29, 1978) to remove this structure from
the SFHA. The structure is located in Zone B, an area below the 0.2% annual
chance flood level, where flood insurance is available at low rates. Because
portions of the property are in the SFHA, any future construction or substan-
tial improvement on this property remains subject to Federal, State, and local
regulations for floodplain management.
-
It should be noted that this property could be inundated by a flood greater
than the 1% annual chance flood or by local flooding conditions not shown on
the NFIP map. Also, we are currently revising the NFIP maps for the City of
Prior Lake as part of the countywide study for Scott County, Minnesota. New
flood data could be generated that may affect this property. When the new
NFIP maps are issued, they will supersede this letter. The Federal
requirement for purchasing flood insurance will then be based on the newly-
issued NFIP maps.
e
e
e
2
If a flood insurance policy has been issued under the NFIP covering the
building on the aforementioned property and that policy was required by the
mortgage company in conjunction with Federal flood insurance requirements,
then flood insurance coverage is no longer required under those Federal
requirements_
Accordingly, if a lender imposed the flood insurance Lequirement, that lender
will have to determine whether or not to continue that requirement. The
lender may determine, as a business decision, that it wishes to continue the
flood insurance requirement in order to protect its collateral security on the
loan.
If the lender decides to release the borrower from the flood insurance
requirement, and the insured decides to cancel the policy and seek a refund.
then the NFIP will refund the premium paid for the current policy year,
providing that no claim is pending or has been paid on the policy during the
current policy year. The insured must obtain a written waiver of the flood
insurance requirement from the lender to provide to their property insurance
agent or company that is servicing their policy_ The agent or company v/ill
then process the refund request for the insured.
Even though the structure is not located in an SFHA, as mentioned above, it
could be flooded by a flooding event of greater magnitude than a 1% annual
chance flood. In fact, more than twenty-five percent of all losses in the
NFIP occur to buildings located outside the SFHA in Zone B, C, or X. More
than one fourth of all policies purchased under the NFIP protect buildings
located in these zones. That risk is just not as great as the flood risk to
buildings located in SFHAs. In order to offer flood insurance protection to
owners of such buildings, the NFIP offers two types of flood insurance
policies: the Standard Policy and a policy for flood insurance at low rates.
The low-rate policy is available for buildings located outside the SFHA with
little or no loss history. The Standard Policy is available for all other
buildings. Individual flood risk situations and insurance needs should be
discussed >lith an insurance agent or company before making a final decision
regarding flood insurance coverage.
A copy of this Letter of Map Amendment is being sent to your community's
official NFIP map repository where, in accordance with rtgulations adoptad by
the community when it made application to join the NFIP, it will be attached
to the community's official record copy of the NFIP map which is available for
public inspection.
This response to your request is based on minimum criteria established by the
NFIP. State and community officials, based on knowledge of local conditions
and in the interest of safety, may set higher standards for construction in
the floodplain. If the State of Minnesota or the City of Prior Lake has
adopted more restrictive and comprehensive floodplain management criteria,
these criteria take precedence over the minimum Federal criteria.
e
e
e
3
If you have any questions or if we can be of further assistance, please
contact Helen Cohn at (202) 646-3457, or by facsimile at (202) 646-4596.
cc: State Coordinator
Community Map Repository
Sincerely,
~~#E' ier
Hazard Ijentification ra h
Mitigation Directorate