By: Las Vegas Now Staff
Some homeowners in the valley will get to keep more money in their pockets thanks to two improved flood water drainage projects are under construction. Once the drainage projects are complete, homeowners in those areas will no longer be required to carry flood insurance.
The flood district is building flood channels in the southeast that will dump water into a basin. Now it's not a done deal yet, but once FEMA officials approve the project, homeowners won't have to carry flood insurance anymore.
It's been almost a year since John Gianniosis moved into his home. But when his dream of homeownership became a reality, it quickly turned into a nightmare. He says although he had flood coverage, his insurance company kept harassing him to increase his limit just incase.
“They just want more money or keeping asking us to get more coverage. Sometimes it goes through our minds. We just want to make sure we are covered,” he said.
Gianniosis says the economic down turn is already putting his wallet through the ringer. Getting more flood insurance would be a heavy burden.
“It's a couple hundred bucks extra per month. We are just trying to make our mortgage,” he said.
The new project could take him and most of his neighbors out of the flood zone and help replenish some of the money that flood insurance is taking away.
“We are reducing to a high degree but not completely eliminating it,” said Kevin Eubanks with the Flood District.
Over the past 20 years, the Clark County Regional Flood Control District has built 75 water detention basins and dug about 450 miles of water canals to keep flood waters from transforming valley roads into water ways and prevent millions of dollars in damages like the flood of 2003.
Although these news drainage systems are designed to keep your neighborhood dry, Eubanks says it's better to be safe than sorry.
“So if you are near a channel or in a neighbor that has a small drainage way, it might be a good investment to buy flood insurance,” said Eubanks. “If they do get removed their flood insurance premiums will come way down.”
While Gianniosis and his neighbors could soon get a break from flood insurance, not everyone was that lucky. Some people that didn't need flood insurance before may now have to get it.
“We had to notify 115 property owners that they would be affected by new flood zones,” said Eubanks.
FEMA still hasn't approved the new flood zones, so if you are in that area, you can get cheaper coverage now. The insurance company can't increase your payments once the new flood zone is declared.
More good news is that once you are removed from a flood zone, you qualify for federal rebates for one year on flood insurance payments.
Email your comments to Reporter Travell Eiland
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