Good flood news for Muncy area, but more is needed
Residents of Muncy Borough and Muncy Creek Township finally got some good flood insurance news recently.
They were told a correction in the floodplain mapping for their area will result in a significant impact downward in flood premium costs.
The correction is in the area’s base flood elevation the elevation to which water is anticipated to rise during a pre-determined level. The farther below the base flood elevation the property was deemed to be, the higher the insurance premium. A closer look at the floodplain mapping showed errors in the calculations, which, once corrected, dropped the base flood elevation of the area.
The hope is that the correction will mean the spike in flood insurance premiums due to the Biggert-Waters Flood Insurance won’t be nearly as sharp.
All of this news is just fine, and certainly justified for the property owners in that area.
But it doesn’t change the big picture reality – the Biggert-Waters Flood Insurance Reform Act of 2012 should be repealed.
The act threatens to stagnate the real estate market in much of the nation with unrealistic and unwarranted hikes in flood insurance premiums. They are unaffordable to almost all property owners and will make sale of those properties very difficult.
There are other means available to make the Federal Emergency Management Agency financially sound again.
Trust us. We’ve seen how capable this administration and this Congress are of spending billions of dollars on wasteful, pork-barrel projects and studies that don’t appear to have a logical purpose. We’ve seen this administration and most of this Congress approve a bailout of much of the car industry.
Against that backdrop, asking regular property owners to bail out FEMA is just wrong.
And the fact that it will put the real estate industry, a major part of our economy, in dangerous territory, make the act and its impact even more wrong.