As a result of the revision, approximately 200 homes within the floodplain zone will no longer be required to have flood insurance after a 90 day public comment period and after the City adopts the new map in April or May of 2015.
After four years of completing every possible exercise, question, and analysis regarding the section of the Wisconsin River in Stevens Point, the City received the Letter of Map Revision on December 29th, 2014.
Some Positive Effects of this Change
• Flood insurance premiums are approximately $1,000 - $1,500 per year for residential home (actual premium amounts will vary with different properties).
• The cumulative economic impact could range from $200,000 - $300,000 annually in flood insurance premium savings. A significant portion of these savings can now be spent on other goods and services within the community.
• Sellers of properties that require flood insurance often see longer days on market when trying to sell their property.
• Sellers of properties that require flood insurance often see a lower purchase price for their property as the buyer needs to take the annual insurance premiums into consideration when purchasing the home.
• Many properties within this area are in the price range for first-time home buyers, however, annual flood insurance premiums may prohibit first-time home buyers from affording the property when having to also pay the mortgage, property insurance, real estate taxes, and potentially private mortgage insurance.
• Please take notice that as of the date above, these properties have not been officially placed in the Area with Reduced Flood Risk due to Levee classification. Certain notices and approvals still need to take place before the actual change in classification is official.
• Please take further notice that certain properties may still be required to obtain or retain certain insurance. Property owners and renters of properties within this area should contact their insurance companies or mortgage holders to determine what requirements are still necessary.
• The Dam and Seawall are owned and operated by Consolidated Water Power Company which is a subsidiary of NewPage Corporation and without their cooperation this project never would have come to fruition. Specifically Thomas Scharff and Tom Witt have been absolutely critical in this whole process.
• A 1982, FEMA study determined the seawall lacked additional freeboard necessary to be effective and therefore was considered a non-effective flood control structure.
• In 1999, the City of Stevens Point raised concerns over the long standing classification of portions of the City, east of the Wisconsin River as a high hazard area lying within the I 00-year floodplain. Even though the City had not experienced any flooding in the 70 years the Stevens Point Dam had been raised.
• In 1999, the existing FEMA flood insurance study (dated Dec. I st, 1982) classified a considerable area lying east of the river as high risk. This determination means that City residents and businesses in affected areas "must" carry expensive flood insurance and comply with costly floodproofing standards when remodeling or undertaking new construction.
• In 2000, the first attempt began to re-classify this area from a 100-year flood event to a 500-year flood event.
• In 2007, FEMA began a two year process of updating the Flood Insurance Rate Maps for the Wisconsin River through the Stevens Point area.
• In 2009, as part of the new FIRMs, enough data and analysis had changed to give the City the idea of possibly attempting to revisit the Letter of Map Revision Process again.
• In September, 2010, the City experienced an actual 100 year flood event and the dam and seawall performed without exception and it was at this point where the City made the commitment to start the Letter of Map Revision Process over again.