Flood and Flood Insurance

Special thanks to TheFEMAIntern for leaving the comment about one possible reason why the South Eastern side of Pimmit Drive may be listed as Buildable-Poor Lots. It was previously mentioned that the properties this street, including 7301 Pimmit Ct. and 2045 Pimmit Dr., are in front of a drainage culvert that is at the edge of Lemon Road Park, well apparently those flood! And the Federal Emergency Management Agency (FEMA) knows that and provides maps and insurance for the areas that may flood.

These houses are in a "Special Flood Hazard Area" also known as a 100-year flood zone. I put in a couple calls to insurance companies, and without going into too much detail the additional cost for policies in this are are between $400 and $2,000 per year and the maximum insurable structure cannot excede $250,000. It also means that any addition would need to be less than $150,000 as any change that is over 50% of market value causes the entire structure to have to be brought into compliance with the current floodplain requirments.

That effectivly kills the idea of building a mini mansion on these lots as the value of 884 sq. ft. structures in this area is already around $130,000 and the total assessed value is around $300,000 according to the 2010 tax assessments.