Sioux Falls homeowners may not have to pay the price of federal flood insurance under FEMA's new flood plain plan.

The Flood Insurance Choice Act of 2007 now in the Senate allows homeowners to opt out and not pay the high flood insurance premiums.

The Senate bill allows homeowners to opt out following a written certification process.

That would mean if there is a flood they wouldn't be entitled to any federal financial assistance and the community would not be penalized for individuals who opted out.

The Senate's Flood Insurance Reform Act of 2007 would increase premiums, phase out subsidized rates paid by vacation-home owners and raise the flood insurance fund's borrowing authority.

The act sets a residential policy limit of  $500,000  for the structure and $150,000 for contents.

Nonresidential properties would be covered up to a million dollars for structure and $750,000 for contents and business interruption.

The Senate bill also improves flood mapping and extends the program for five years.