Flood Zone Maps Aren’t Always Right
If you believe your property was incorrectly included in a National Flood Insurance Program (NFIP) identified Special Flood Hazard Area (SFHA), you may submit an application to FEMA for a formal determination of the property’s location and/or elevation relative to the SFHA.
The SFHA is the area that has a 1-percent or greater chance of flooding in any given year; this area is also referred to by some as the 1-percent-annual-chance floodplain, base floodplain or the 100-year floodplain. After FEMA reviews the map change request, it will issue a Determination Document, either approving or denying the map change.
If FEMA grants the map amendment or revision request, the property owner may no longer be required to pay flood insurance. The property owner may send the Determination Document to their lender and request that the federal flood insurance requirement for the structure be removed.
What is a LOMA? And What Will It Accomplish?
A Letter of Map Amendment (LOMA) is a document which revises a Federal Emergency Management Agency (FEMA) Flood Map. A licensed professional land surveyor can produce a LOMA, which in many cases, will completely eliminate the need for Flood Insurance.
This can result in substantial savings to the homeowner over time. Flood insurance rates vary greatly depending on the value of the home, but you can expect to pay $300-$3,000 per year for flood insurance. Over the course of a 30 year mortgage, eliminating the need for Flood Insurance could save you $9,000 – $90,000 dollars!!!
How much are you paying a year? Contact us to discuss whether your property would be a good candidate for removal.