Yesterday, we learned from FEMA Floodplain Specialist, Barb Fitzpatrick, that flood insurance rates could run from 2-thousand to 7-thousand in years to come for those who have been paying around 400 dollars a year..
While that hasn't happened just yet, Kelli Volk introduces us to one Minot homeowner who is already experiencing what that increase could mean for homeowners along the Mouse River.
When Stephany Saunders and her husband decided to renovate this house after the 2011 flood, they saw it as a chance to help revive the neighborhood.
The vacant home has a near $370,000 price tag on it, but that's not what has kept it from selling.
(Stephany Saunders, Minot Resident)There was a couple that really liked the property. They love the neighborhood, they drive around the neighborhood, so they told the realtor they were ready to make an offer.The next day, the realtor did a follow-up with them and their bank actually told them the flood insurance rates would go up to $10,000 a year."
Saunders' own home that she currently lives in is in the flood zone where she and her husband pay under $500 for flood insurance.
Upon hearing what that figure could escalate to, Saunders looked into it to find answers.
She started by calling two insurance companies, only to be redirected.
(Stephany Saunders, Minot Resident)"I then called FEMA and they instructed me to call city planning or the building permits office. They told me they didn't have the answers, but that my local office would have all of the maps, which then I in turn called the city planning office and obviously, they only have the current maps. They are waiting for FEMA to instruct them further."
The maps will be available at the end of next October.
Regardless of how those maps affect flood insurance rates, Saunders just wants clarification.
(Stephany Saunders, Minot Resident)We just would really like some more answers as far as what the rates are going to be.
Until then, Saunders' renovated flood home will stay on the market.
Hopefully, some answers will arrive that will lead the way for a family to make this house on Souris court their home.
(Stephany Saunders, Minot Resident)"It's just unfortunate, because like I said, I have one of their numbers and I've been texting her back and forth. And it's a young family. They have a child and she's so excited and she really wants the property and so it's obviously not just me that's frustrated trying to sell it. You now, they're frustrated as well."
In Minot, Kelli Volk, KX News.