Do you know if you still need flood insurance?
If you are still paying for flood insurance and have not yet had an Elevation Certificate done, contact us today to discuss options. Many have saved hundreds, if not thousands, of dollars in annual flood insurance premiums.
» Reduce/eliminate flood insurance
» Get an annual savings of $300 – $30,000
Our Professional Surveyors will evaluate the flood maps for your property address and provide recommendations based on our findings.
Many homes do not warrant flood insurance, however due to tougher regulations and revised flood zone maps, lenders are requiring it. Homeowners need to be proactive by hiring a professional land surveyor to determine if flood insurance is really necessary.
Our trained staff can help determine your exact property elevation in order to understand your need for flood insurance. Obtaining an elevation certificate is the first step. An elevation certificate will determine your adjusted rate for flood insurance or be the key document in removing the need for flood insurance. Filing a Letter of Map Amendment (LOMA) is the next step.
A Letter of Map Amendment (LOMA) is a document that will revise the Federal Emergency Management Agency (FEMA) flood map. A LOMA is prepared by a professional land surveyor and submitted to FEMA for a map revision. Many times this step completely eliminates the need for the homeowners to pay flood insurance.
A qualified professional land surveyor can gather the necessary measurements to accurately determine the flood elevations near your home. When this analysis leads to filing a LOMA with FEMA, 90% of the time the surveyor is able to eliminate the need to pay for flood insurance.
The cost for the analysis varies depending on the available data. Generally, the cost to file the complete LOMA can be done as low as $500. If only the first step of the LOMA process (obtaining an elevation certificate) is necessary, then that rate is less. If many neighbors in the same area apply for the LOMA together, the cost per homeowner is significantly reduced.
Flood Insurance rates vary significantly from property to property. Without at least the first step of the LOMA process, which is an elevation certificate, your rate defaults to the highest risk category. An elevation certificate will at least properly establish your flood rate if you are still required to carry it. You could expect to pay $300 to $3,000 annually in flood insurance without an elevation certificate. Over the term of a 30-year mortgage this could be as much as $9,000 to $90,000. The cost of the elevation certificate and LOMA could easily be paid back in the first year.
Professional Surveyors can utilize an electronic filing process if the proper conditions exist. This eLOMA can be filed with results back in a matter of days after the site analysis is completed. Most of the time this entire process takes only a week or two to complete.
Yes, a LOMA certificate is the accurate document your lender and insurance company need to determine your flood insurance needs. FEMA issues a LOMA certificate as evidence of your homes relationship to the flood zones.