FEMA Floodplains and How to Potentially Avoid Flood Insurance Premiums
We've spoken to some clients recently that have had the unfortunate surprise of being notified that their property is now within a floodplain and that they must obtain flood insurance. Also, let us be clear that these are property owners that are knowledgeable and bought a property that was in Denver next to many other homes, yet, they are still getting tagged for now being within a floodplain.
How does this happen??
What happened is FEMA studied the drainage way adjacent to their property and came up with map revision to the existing FIRM Panel (Flood Insurance Rate Map). This is quite common as FEMA is constantly updating FIRM Panels.
That is where we come in--- We can prepare an elevation certificate which will locate the true elevation of the home on the property. This elevation will be tied to the same vertical benchmark that FEMA used when they studied the adjacent drainage way. We will then complete a LOMA (Letter of Map Amendment) and submit to FEMA in order to prove that the house is above the flood plain. The LOMA process can take 8-12 weeks to complete, but is well worth it in the end. This will eliminate the need to carry flood insurance (which typically runs $1000-$2000 per year).
If this situation happens to you or if you have questions-- please contact us. Our fees are typically in the $1500 range to complete something like this (which you will make back within the first year of NOT having to pay flood insurance).
Originally posted 2010-04-22 00:01:51.
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Tagged as: fema, flood insurance, floodplain