Are you paying for Flood Insurance? Are you paying too much or perhaps you don’t even need it! You have no Flood Insurance, but maybe you should? These are questions that RDM Surveying consultants can help you with, and potentially save you money.
Research shows that one-third of properties determined to be in a Special Flood Hazard Zone (SFLH) may not need to be insured due to local factors that may not be represented on the Flood Insurance Rate Map. Another one-third may be eligible for a rate reduction in the annual premium due to these same factors that were not considered when the Flood Insurance Rate Map was created.
At RDM we offer several services. We can help you by doing a Flood Zone Determination to see if the subject property is potentially in a Flood Zone. If we find that your property is in a Flood Zone we can prepare an Elevation Certificate.
An Elevation Certificate is a form developed by FEMA for the purpose of accurately assessing the flood risks to structures located in Flood Hazard Zones. This form must be prepared and certified by a Licensed Land Surveyor. The Elevation Certificate contains the following information:
1. The Flood Zone and Base Flood Elevation (BFE)
2. Geographic location of structures
3. Ground elevations adjacent to structure foundation
4. Type of structure and foundation system
5. Elevation of lowest storage level (crawlspace, basement, slab, etc.)
6. Elevation of lowest living area.
7. Elevation of mechanical equipment (furnace, hot water heater, etc.)
8. Photographs of the structure.
By filling out an Elevation Certificate one of two things could happen. Your insurance company can provide you with the correct coverage for the zone you are in. Also an evaluation of the data gathered for the Elevation Certificate may reveal that the property is eligible for complete elimination from the Flood Zone. In that case a Letter of Map Amendment (LOMA) can be filed with FEMA to have the property or a portion of the property removed from the Flood Zone.
A Letter of Map Amendment (LOMA) is the official document indicating the structure no longer resides in a Special Flood Hazard Zone thus lifting the requirement to carry flood insurance. The Letter of Map Amendment (LOMA) is issued to the address of the structure and stays with that structure forever, making this a selling advantage instead of a stigma associated with required flood insurance. A Letter of Map Amendment (LOMA) generally entitles you to a refund of the current year’s premium. It will also allow you to get a Preferred Risk Policy with the National Flood Insurance Program for similar coverage, but at a much lower rate. This is an optional policy.
We at RDM Surveying Consultants can help you save money on your flood insurance. An Elevation Certificate will provide the data necessary to properly rate properties for Flood Insurance and help to reduce the yearly cost of that Insurance, if it was improperly rated. Or you may be able to have your property removed from the Flood Zone by submitting a Letter of Map Amendment (LOMA).
Please contact us for more information, at 518-279-3425 or send us an e-mail at rmichael@rdmsurveying.net. We are here to help you.