Insurance costs could be about to drop for Wangaratta residents wrongly listed as living in a flood prone areas.
The Wangaratta Flood Investigation was conducted two years ago, giving the council more accurate data about what areas could become inundated with water during a serious flood event.
The council's development services director Stephen Swart told Tuesday night's council meeting the new data was different to what insurance companies currently look to when assessing properties.
"At the moment we have situations where the flood overlay and the land subject to inundation overlay, within the Wangaratta planning scheme, covers areas that probably shouldn't be covered," he said.
"It will be a much more accurate reflection of the latest data and I can only imagine it would also help with insurance."
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While he said he could not speak for the insurance companies, Cr Harvey Benton was stronger in his belief that the new data would make a difference.
"It will clarify a lot of areas that at the moment, especially in the urban areas, are designated flood overlays," he said.
"That's where insurance companies go to to get flood overlay protection done.
"It will also enhance a lot of areas that have been impeded by planning development because of flood overlays."
The financial benefits will not be seen until Wangaratta adds the new data to its planning scheme - a task that will be costly after the Department of Environment, Land, Water and Planning refused a request to conduct it for the council.
"The Minister for Planning wrote to council saying that they would not be undertaking that amendment and council should be undertaking that planning scheme amendment ourselves," Mr Swart said.