Greg,
The POCO will allow the service meters up off the ground. They don't require them to be accesible on the grade. I guess their thought is that they will just shut off the power up at the pole. They wouldn't even go through the water to reach the house. I have seen houses that have like and open basement and the rest of the house is 15 feet in the air. The service meter is up on the deck and you have to go up the stairs to get to it. If the area floods, all the water will pass under and through this "basement" area. The building codes won't allow doors on this area or very small doors that will break down and allow the water to floow through.
