It must be emphasized that variances are granted with respect to floodplain management requirements and do not affect flood insurance rates. The Federal Insurance Administration, by statute, must charge insurance rates commensurate with the risk to which a building is exposed. Insurance rates for buildings constructed under variances are generally higher than rates for a comparable structure that is fully compliant. In some instances, the additional costs of insuring these buildings, if they are not elevated or floodproofed in accordance with the NFIP requirements, would approach or even exceed the costs of meeting NFIP elevation or dry floodproofing requirements, and the structure would still be exposed to flood damages.
(Ord. 2106-34, passed 6-22-2021)