ELEVATION CERTIFICATE AND LOMA SUBMISSIONS
FOR FLOOD MITIGATION AND COST EFFECTIVENESS IN FLOOD PREMIUM RATES
If your home or business is mapped into a high risk flood zone, also known as a Special Flood Hazard Area (SFHA), you will likely need an elevation certificate to determine your flood insurance premiums. Your insurance agent will use the information on the elevation certificate to provide a rate based on the actual risk of flood waters reaching and causing damage to the home.
While FEMA makes every effort to produce accurate flood maps, some properties will inevitably be placed within the Special Flood Hazard Area due to small errors in the map creation process. In these instances, a Letter of Map Amendment (LOMA) is recommended. A LOMA is an official determination issued by FEMA for a structure that has been inadvertently mapped into the SFHA.
True North Land Surveying has assisted homeowners and business owners in having their structure removed from the Special Flood Hazard Area by applying for the LOMA on their behalf.
Successful removal of your structure from the Special Flood Hazard Area has many benefits. These include but are not limited to
Making flood insurance optional instead of mandatory by lender
If you choose to keep the flood insurance, your premium could be greatly reduced and coverage could potentially be more comprehensive
Increase the marketability of your property when and if you decide to sell
Potentially result in no net out of pocket expense for you based on the potential flood insurance premium savings
Ability to cancel flood insurance policy mid-term, resulting in a premium refund
Do you believe your property should be outside the Special Flood Hazard Area? Give us a call today to discuss your options and how True North Land Surveying can help!