Absolutely! Most people, including insurance agents, have no clue this option is available, much less how to actually do it. In situations where a property owner thinks their property was inadvertently mapped in a high-risk flood area FEMA provides a process to request a change in the flood zone designation for the property. This request is known as a Letter of Map Amendment (LOMA).
LOMA stands for “Letter of Map Amendment.” It is a letter provided by the Federal Emergency Management Agency (FEMA) that indicates that upon review, a particular real estate parcel falls outside of a flood zone that is subject to flood insurance requirements. This letter supersedes finance company assessments and flood insurance mandates.
Once the flood zone is changed on your property, mandatory flood insurance is no longer required by your lender. You then have 2 choices:
1- First you can cancel your current national flood insurance policy (NFIP) and obtain a full refund for the current premium year that you have already paid as long as the payment is current and there have been no claims. We will provide the forms to obtain your refund.
2- Second, you can choose to keep your flood insurance and pay Preferred Rates (as low as $183 a year) and have a low deductible of $1,250.
Yes! Plan A would be removing the structure if it qualifies. If we are unable to remove the structure, then we switch to Plan B. We then look at private market flood options that or often less expensive, just as broad and cover just as much, most times more, than a policy through FEMA
An elevation certificate is an official FEMA document used in obtaining flood insurance, assessing risk and calculating costs. The certificate serves as the specific elevation information for your home or structure and demonstrates compliance with floodplain management requirements.