Posted by (+389) 10 years ago
Based on the ad that was placed in the newspaper last night by the Eastern Montana Board of Realtors, it appears higher flood insurance rates are eminent for those in the flood zone (84% of Miles City).
In a conversation with a local realtor, rates aren't going to go up by the hundreds, but by the thousands of dollars making it impossible for homeowners or potential buyers to afford the high rates. So a homeowner gets transferred to another city and can't sell his house - will the homeowner just have to walk away? HELLO DETROIT!
The fear is that premiums can be based on the depth of a basement - potentially $1000.00 per foot from where the dirt meets the concrete.
Miles City should have acted months if not years ago to get this problem corrected. It's not a matter of improving the dikes since all the property along the dikes would need to be purchased through eminent domain, which would cost the city millions of dollars. Apparently, our only hope is to (after a feasibility study is conducted) build a flood wall, which in turn would take Miles City out of the flood zone and eliminate the need to carry the FEMA flood insurance (which by the way pays nothing unless your home is swept off it's foundation).
The new city budget includes the money for the feasibility study, but the mayor needs to sign the papers to get the ball rolling. Apparently, once the feasibility study is completed, the city will be eligible to apply for federal grants which should pay for about 50% of the project.
In a newspaper article, the mayor indicated it will cost each man, woman and child in Miles City over $300.00 each to fix the flood problem. That's still better than homeowners paying thousands of dollars a year indefinitely for a worthless insurance. We thought rent is high in Miles City now - can you imagine what rent will be if the homeowner is paying thousands of dollars just for flood insurance?
We need to call our mayor or city council and insist the documents get signed for the feasibility study. The future of Miles City is counting on it.
In a conversation with a local realtor, rates aren't going to go up by the hundreds, but by the thousands of dollars making it impossible for homeowners or potential buyers to afford the high rates. So a homeowner gets transferred to another city and can't sell his house - will the homeowner just have to walk away? HELLO DETROIT!
The fear is that premiums can be based on the depth of a basement - potentially $1000.00 per foot from where the dirt meets the concrete.
Miles City should have acted months if not years ago to get this problem corrected. It's not a matter of improving the dikes since all the property along the dikes would need to be purchased through eminent domain, which would cost the city millions of dollars. Apparently, our only hope is to (after a feasibility study is conducted) build a flood wall, which in turn would take Miles City out of the flood zone and eliminate the need to carry the FEMA flood insurance (which by the way pays nothing unless your home is swept off it's foundation).
The new city budget includes the money for the feasibility study, but the mayor needs to sign the papers to get the ball rolling. Apparently, once the feasibility study is completed, the city will be eligible to apply for federal grants which should pay for about 50% of the project.
In a newspaper article, the mayor indicated it will cost each man, woman and child in Miles City over $300.00 each to fix the flood problem. That's still better than homeowners paying thousands of dollars a year indefinitely for a worthless insurance. We thought rent is high in Miles City now - can you imagine what rent will be if the homeowner is paying thousands of dollars just for flood insurance?
We need to call our mayor or city council and insist the documents get signed for the feasibility study. The future of Miles City is counting on it.