HomeMy WebLinkAbout1975-07-15 PYytw OF
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i ? DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
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'O '47410 0s FEDERAL. INSURANCE ADMINISTRATION
• WASHINGTON , D . C . 20410
July 15 , 1975,
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Lansing , NY ( Town of )
Town Clerk Tompkins County
Box 186
Lansing , New York 14882
Dear Sir :
Pursuant to your application , and in accordance with Section
1336 of the National Flood Insurance Act of 1966 ( as amended ) ,
I am authorizing the sale of flood insurance in your community
u nder the emergency program , effective July 24 , 1975 . •
The flood plain management regulations which the community has
adopted have been accepted in accordance with Section 1910 . 2 of
o ur regulations , pending further review .
Under the emergency program , as amended by the Flood Disaster
Protection Act of 1973 ( P . L . 93 - 234 , December . 1 , 1973 ) , flood
insurance at subsidized premium rates will be available on
structures in amounts up to $ 35 , 000 for single - family dwellings •
and up to $ 100 , 000 on multi - family and non - residential properties
and up to $ 10 , 000 per unit on residential contents and $ 100 , 000
o n non - residential contents . After a rate study has been completed
for your community , coverage up to double the above amounts will be
available at actuarial rates .
As provided by the 1973 Act , buildings that are newly constructed or
substantially improved after the areas having special flood hazards
are identified , may be insured under the National Flood Insurance
Program at subsidized rates until the rate study has been completed
( or December 31 , 1974 , whichever is later ) . Of course , once a
building is eligible for subsidized insurance , it continues to be
e ligible for such insurance for as long as the community continues
to participate in the program .
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• The 1973 Act also provides that all buildings located within the
special flood hazard areas of a community participating in the
program must be covered by flood insurance after March 1 , 1974 ,
in order to be eligible for any form of mortgage loan from a
Federally - insured or supervised bank or savings and loan associ -
ation , or from any Federal agency . After June 30 , 1975 , no such
loans may be approved in communities that are not participating
in the flood insurance program .
You should also be aware that subsidized flood insurance premium
rates have been substantially reduced for most properties , effective
January 1 , 1974 . Policies of flood insurance may be obtained from
any licensed property insurance agent or broker within your community .
If any questions arise or information is needed regarding coverage ,
or if forms are needed , you should get in touch with the National
Flood Insurers Ass.ociation servicing company for your area , which is :
Great American Insurance Company , 5 Dakota Drive , Lake Success , NY 11040 .
During the first 30 days after a community becomes eligible for
the sale of flood insurance , coverage can be made available immediately
upon application to protect against any loss that is not already in
progress . However , once the first 30- day period of eligibility has
elapsed , there is a 15 - day waiting period after application before
coverage takes effect . Thus , you may want to make a special effort
to alert your citizens to the advantages of purchasing flood insurance
• immediately .
In accordance with the 1973 Act , we will notify you promptly at the
time the rate study for your community commences , so that you can
provide our contractor with any local data that you believe may be
relevant .
We compliment you on your prudence and foresight in making application
for this much - needed program . If we can be of further assistance to you
at any ime , please let us know . The telephone number of the Office
of Flo ' . Insurance in the Federal Insurance Administration is ( 202 )
426 - 00 • .
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J . ' Theft Hunter
Ac ng Federal Insurance Administrator