Paying flood insurance can be a costly and stressful expense for any home owner. If you believe you’re paying too much for flood insurance, we can help! Robert A. Nowicki & Associates has helped many clients save thousands of dollars on their flood insurance, some eliminating the need for flood insurance entirely!
Here are three different steps to reducing the cost of your flood insurance:
item 1: elevations
We visit the property at the address provided and complete field data and critical elevations using state of the art GPS equipment. These elevations allow us to determine if your property is within the elevation range to question the need for flood insurance or have the flood insurance premium reduced.
item 2: fema certificate
Based on the field information collected, the flood zone the property is located in and it’s BFE (Base Flood Elevation), we can determine if your property is favorable to complete a FEMA Certificate. Completing a FEMA Elevation Certificate will show all the owner’s personal data for the property location, legal description, tax pin numbers. We will complete filling out the data, which was completed in the field on the certificate. After the Elevation Certificate is completed, it will be sent to either your Mortgage company or insurance company to present the information to FEMA and specifically site your home as being at a lesser risk for flooding than they have recorded. FEMA will process this information and issue a ruling based on your proximity to the BFE (Base Flood Elevation). Usually this alone results in a significant reduction in flood insurance premiums.
item 3: loma report
If the elevations taken for your home and property are higher that the Base Flood Elevation, you can choose to file a Letter of Map Amendment (LOMA Report). Doing so could remove the structure or even the property from the Flood Plane, which would eliminate the need for flood insurance entirely.