We have a customer in contact with Oklahoma Water Resources Board that provided us with the following, thinking he found an "out" for having to purchase flood insurance. To be fair this customer pays about $15k annual for flood insurance. Anyone seen this before or run up against this in the past?
"All of YOUR BUILDINGS AND PONDS that are used for agricultural purposes are exempt from NFIP regulation per Oklahoma law. (Important to note that a lender however can always require you to carry flood insurance no matter what if there are loans.)
From Oklahoma Floodplain Management act Title 82:
5. A provision that the floodplain management regulations of a floodplain board shall not apply to the use of the usual farm
buildings for agricultural purposes, the planting of agricultural crops or the construction of farm ponds;
"Farm building" means a walled and roofed structure which is not intended for human habitation or commercial use but which may be used for agricultural purposes including but not limited to the storage of crops, farm machinery, or livestock.
"Farm pond" means a reservoir impounding less than 50 acre-feet of water with a dam less than 25 feet in height and a drainage area less than one square mile used for stock water and domestic use.
The RESIDENTIAL STRUCTURE would still need to be evaluated for permitting/LOMC by the Woodward County FPA."
_________________________
Just working here until I get my letter from Hogwarts.