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wehav
Senior Contributor

regarding flood insurance

I have an associate who built a house within a few feet of the Mississippi river.  He pays $300 to the federal government for flood insurance and he has to absorb the first $3000 of damage.  Home was finished in 2010 started in 2009.  In the same area are several other new homes.

 

These are not shacks or "cabins" these are $400,000 + homes just waiting for a flood. 

 

 

3 Replies
bruce MN
Veteran Advisor

Re: regarding flood insurance

Where, as in what part of the country along the river would he or the rest of them have been able to get approval from U.S. Fish and Wildlife, FEMA (if it actually is in a deliniated floodplain) state DNR or local jurisdictions to do that? I don't know about what goes on to the south but I'm pretty sure you couldn't build either in a floodplain or within 100 feet of a river in most of Minnesota or Wisconsin in 2009. Now Arkansas?  Mississippi?...I don't know.

 

Appr. how many feet is a "few feet"? 3? 20? 75?

 

 

wehav
Senior Contributor

Re: regarding flood insurance

66 feet

Iowa

 

You don't know the intricacies of the law.

I don't mean that offensively and unless you wanted to research and build in a similar place you wouldn't know how.  The ground belongs to the federal government for one thing.  You just lease it for 99 years.

bruce MN
Veteran Advisor

Re: regarding flood insurance

Then all the more so. If it's on federal land it must have been determined to not be in th 100 or more likely the 500 year floodplain. Do you know the people well enough to ask them abou tthe process?