Have you ever had a flooded basement? Have you ever had to deal with accumulated water? What about filing a claim with FEMA because of a flood? If your answer to all these questions is no, but you are still paying for flood insurance, it’s time to reevaluate if there’s anything you can do about it; especially because being in such a zone negatively impacts your property value. It’s one thing if the information is accurate; but if it isn’t, you might want to take steps to protect your biggest asset.
Do you own your home outright?
This question may seem irrelevant, but it actually has some bearing on the subject. Since the Federal Reserve provides funding for banks, and banks provide funding for mortgages, if you have a mortgage, you will be required to carry flood insurance. That’s the way that cookie crumbles. If you don’t like it, blame the lobbyists. But if you own your home outright, you’ve met step one of getting out of the burden of having to pay for flood insurance.
Is your property located in a high-risk flood zone?
If you’ve never experienced a flood, you’ll want to find out whether you’re really in a high-risk flood zone. You can do this by emailing your Elevation Certificate to National Flood Experts (NFE). If you don’t know what an Elevation Certificate is, we can help. It’s a document that you’ll be able to find in your closing documents from when you purchased your home, or you can request a copy from your flood insurance agent. If all else fails, NFE can obtain it for you.
Have you checked recently at the NFIP flood rate maps?
Even if ages ago, you were notified for a fact that you’re in a high risk flood zone, know that FEMA changes their NFIP (National Flood Insurance Program) maps on a regular basis. They do this to reflect any environmental or soil changes that may have affected your designation.
Have you ever considered filing a zoning appeal with FEMA?
If you’ve already done all your homework and know that you are indeed outside of a high risk flood zone, but are stuck in such a designation by FEMA, you can file an appeal.
This is not a pipe dream. If any of the above scenarios may apply to you, National Flood Experts can help you take the next step. We’ll conduct a free evaluation of your property (seriously. You won’t have to pay us a dime for it), to determine whether you could be removed from a high risk designation. Contact us to take the first step in accurately appraising your home.