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New levee inspection standards could cost residents
Thousands of Mid-South residents could be forced to buy costly flood insurance as a result of rigorous new levee inspection standards enacted in the wake of the disastrous failures of Hurricane Katrina, area officials say.
Although Memphis itself isn't affected yet, levee districts to the south and west of the city, in Mississippi and Arkansas, have been notified that Corps of Engineers inspectors found flaws that could lead to some of their levees being decertified.
Under Federal Emergency Management Agency regulations, property owners behind those levees could have to purchase insurance when new flood insurance rate maps are issued, which is expected in some areas as early as this summer.
The cost of federal flood insurance ranges from about $600-700 a year for a $50,000 home to $2,500 for a $250,000 home, said Rob Rash, chief engineer for the St. Francis Levee District of Arkansas, in West Memphis.
It's not clear yet how many residents would be affected.