How much will the removal process cost?
Costs vary depending on several factors: Whether the property is residential or commercial, the type of building, and refunded insurance payments. Once you contact us and we get the details of your property, we’ll determine costs. That said, the initial flood zone audit is always free, and in many instances, our fee is collected from refunded insurance payments.
What is a Flood Insurance Rate Map (FIRM)?
A Flood Insurance Rate Map (FIRM) is an official map of a community on which FEMA has delineated both the special hazard areas and risk premium zones applicable to that community.
If FEMA already determined my property is in a flood zone, how can you change that?
When rate maps are designated by FEMA, they study entire areas; not individual properties. Therefore, it is possible that your home or business has been incorrectly zoned. In addition, maps sometimes become outdated, or your Elevation Certificate may include incorrect information.
Where can I learn more about the maps used to determine my relative risk level?
FEMA publishes maps indicating a community’s flood hazard areas and the degree of risk in those areas. You can check them on the FEMA website.
You may also order maps online or by writing, phoning, or faxing a request to the FEMA Map Assistance Center. There is a minimal charge for maps for most users.
Why is my mortgage lender requiring me to purchase flood insurance?
Under the Flood Disaster Protection Act of 1973 and the National Flood Insurance Reform Act of 1994, lenders are mandated to require flood insurance be purchased by property owners acquiring loans from federally regulated, supervised or insured financial institutions for the acquisition or improvement of land, facilities, or structures located within or to be located within a special flood hazard area (SFHA).
Doesn’t my homeowners’ insurance policy already cover flooding?
No. Flood damage is not typically covered by homeowners’ insurance.
If my home is flooded, won’t federal disaster assistance pay for my damages?
Not necessarily. Federal disaster assistance typically comes in the form of a low-interest loan to help cover flood damage – not compensation for your losses. Even then, those loans are only available when the President formally declares a disaster and the funds must be repaid along with any existing mortgage.
I live in a low-risk flood zone. Do I really need flood insurance?
It’s always a smart idea to buy flood insurance even when living in a moderate- or low-risk area. People outside of high-risk areas file over 20% of NFIP claims and receive one-third of disaster assistance for flooding. When it’s available, disaster assistance is typically a loan you must repay with interest.
Do I need flood insurance even though my community has never been flooded?
Flooding occurs in moderate-to-low risk areas as well as high-risk areas. Poor drainage systems, broken water mains, and rapid accumulation of rainfall/snowmelt can all result in flooding. Hillside properties can be damaged by mudflow (covered under the Standard Flood Insurance Policy). Structures located in high-risk flood areas have a 26% chance of suffering flood damage during the term of a 30-year mortgage. In a high-risk area, your home is more than twice as likely to be damaged by a flood as by fire. This is why flood insurance is required by law for buildings in high-risk flood areas as a condition of receiving a mortgage from a federally- regulated or insured lender.
Is there a lower-cost policy for buildings located in moderate-to-low risk areas?
Yes. The Preferred Risk Policy is available in moderate-to-low risk areas for as little as $129 per year. This policy offers multiple coverage combinations for both buildings and contents (or contents-only, for renters) that are located in moderate-to-low risk areas (B, C, and X zones). Preferred Risk policies are available for residential or non-residential buildings also located in these zones (that meet eligibility requirements based on the building’s entire flood loss history).
Are there grandfather rules allowing policyholders to maintain the current rating despite map revisions placing their property in a higher-rated flood zone?
Yes. To recognize policyholders who have built-in compliance with the FIRM and/ or remained loyal customers of the NFIP by maintaining continuous coverage, FEMA allows such policyholders to benefit in that building’s rating. This means the insured has the option of a) using the current rating criteria for that building or b) having the premium rate determined by the BFE and/or flood zone on a previous FIRM that was in effect when the building was originally constructed (for those built-in compliance) or when coverage was first obtained (for those with continuous coverage).
