RESOLUTION NO. 2005 – 07
RECOMMENDING PROPERTY OWNERS MAINTAIN FLOOD INSURANCE POLICIES
WHEREAS, as a result of recent improvements to the levees along the American River in conjunction with the modifications to operations at Folsom Reservoir, much of the Sacramento urban area within our District's jurisdiction has been removed from the 100-year regulatory floodplain as determined by the Federal Emergency Management Agency (FEMA) ; and
WHEREAS, in recognition of the reduced flood risk to properties because of these improvements, FEMA offers a Preferred Risk Policy (PRP) for flood insurance with premiums which are about half of the flood insurance premiums previously paid by property owners; and,
WHEREAS , by being removed from the FEMA floodplain, property owners are not required to purchase flood insurance but have discretion based on their flood risk; and,
WHEREAS, 100-year flood protection is equivalent to a 1% chance of being flooded in any given year and equates to a 1 in 4 chance of being flooded during a typical 30-year mortgage; and,
WHEREAS, at this level of flood risk property owners are 27 times more likely to experience a flood than a fire; and,
WHEREAS, in addition to the flood risk from the American River, there are other potential sources of flooding such as creeks and streams or local drainage systems including pump stations whose capacities may be exceeded during brief, but intense rain events resulting in local street flooding which could enter adjacent structures causing damage not covered by standard home owner's insurance policies
NOW THEREFORE BE IT RESOLOVED
The Board of Trustees of the American River Flood Control District believes it is prudent for property owners who live behind levees to maintain flood insurance policies as a means to protect their most valuable financial asset—their homes and/or business.
BE IT FURTHER RESOLVED
The Board recommends property owners outside the FEMA 100-year floodplain seek a Preferred Risk Policy for flood insurance underwritten by the National Flood Insurance Program and available through their insurance company.
PASSED, APPROVED, and UNANIMOUSLY ADOPTED this 15 th day of July, 2005.
