If Ironton’s flood levy fails on Nov. 4 and the flood control system is not maintained, it is quite possible that most of the property in Ironton will change from the 500-year flood plain to the 100-year flood plain, as designated by the National Flood Program.

The flood insurance rate zoning will change from a preferred rate zone B, C or X to a zone A or AE. If this happens, all residential and commercial property owners, who are financing their property, will be forced by their lending institution to purchase flood insurance.

This will apply to all new and existing loans. If your residential or commercial property is paid off and you refinance it, you will have to purchase flood insurance.

When you sell your residential or commercial property, if financing is necessary for the new buyer, they will have to purchase flood insurance.

The cost of flood insurance will range from several hundred dollars to several thousand dollars per year, depending upon the amount of coverage and your properties’ location/elevation within the 100 year flood plain.

The added cost of flood insurance could potentially discourage an interested party from purchasing your property or it could decrease the properties market value.

The cost of flood insurance could also discourage a business from locating in Ironton.

I highly recommend all Ironton residents support and vote for the Ironton flood levy.

 

Richard C. Mountain

Scherer Mountain Insurance