Learning Center Flood Map Change Basics
| Flood Map Change Basics |
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FEMA's flood maps are an important flood risk assessment tool. Insurance agents use the maps to help homeowners assess their risk and calculate flood insurance premiums. Regulated lenders are mandated to use maps to determine if insurance is required to protect their collateral. States and communities use the data to manage the community's flood risk in such areas as floodplain and wetland management, land and water use, disaster recovery, and evacuation routes. Even though FEMA uses the best mapping data available, there may be individual properties that are inadvertently placed in a high-risk flood zone, or it's possible that the homeowner has taken measures within NFIP guidelines to raise the structure above the Base Flood Elevation. In these situations, FEMA has a Letter of Map Change (LOMC) process to provide property owners a way to have the flood map revised or amended so that their property's flood risk is accurately represented. About Flood MapsThe Map Makers FEMA publishes Flood Insurance Rate Maps (flood maps) that depict low, moderate, and high-risk flood zones for an individual community.To make a flood map, FEMA generally conducts engineering studies referred to as Flood Insurance Studies. Using that information, FEMA engineers and cartographers delineate Special Flood Hazard Areas (SFHA) on flood maps. FEMA may also contract local engineers, other Federal agencies, or the community to do the mapping and engineering studies. The maps are reviewed and approved by the local government and FEMA before they are approved for use in making determinations. How to Get a Flood Map ChangeFEMA acknowledges the fact that rapid changes and development in communities make it difficult to indicate the exact detail of every individual property's elevation on their flood maps. In fact, it's mind-boggling to imagine the resources and taxpayer dollars that it would take to physically map every rise and fall in the landscape on each and every property across the United States. Still, lenders are required to make their flood zone determination using only FEMA's flood maps-even though the information on the maps may not accurately depict an individual property's flood risk. For example, the map can indicate that a property is in a high-risk flood zone, when in fact, the house may be above the Base Flood Elevation, either naturally or because the house was raised on fill dirt. In these instances, a property may be eligible for FEMA's Letter of Map Change (LOMC) application process. An LOMC is the umbrella term used for letters issued by FEMA to reflect an official change to a flood map without FEMA having to republish the entire map. There are two types of LOMCs that a property owner can obtain: Letter of Map Amendment (LOMA) and Letter of Map Revision Based on Fill (LOMR-F). Depending on the property elevation as compared to the Base Flood Elevation either LOMC may change a property's flood zone rating, making it eligible for a lowered insurance premium or removing the federal insurance requirement altogether. Which LOMC is right for you? LOMA LOMR-F If fill dirt has been placed on your property, FEMA charges $425 for an engineering review. This charge is paid directly to FEMA and is separate from our service fees. The LOMC process is easy with CoreLogic. FEMA's Letter of Map Change (LOMC) process is how FEMA officially removes a structure or property from a high-risk flood zone. You can sort through the complexities of FEMA's requirements yourself, or you can let CoreLogic put its experience to work for you. Our Flood Map Change Service makes the process easy for homeowners. LOMC BenefitsA Letter of Map Change gives you options. Federal regulations require that lenders determine what flood zone your structure is in based solely on FEMA's flood map. Your house may be on a mountain peak, but your lender must require flood insurance if your house is within the high-risk flood zone on the flood map. There is no alternative for them so long as your lender is regulated or insured by the federal government. But if your property qualifies for an LOMC, you've got options. You can have the federal insurance requirement removed and you may qualify for a lower cost policy or even a Preferred Risk Policy from the National Flood Insurance Program. Remove your federal flood insurance requirement. CoreLogic can help you apply to have FEMA's flood map updated to show that your home is not in a high-risk flood zone. After we review your property for eligibility, we'll take care of the entire process. If approved by FEMA, your property will be officially removed from the flood zone, which allows your lender to drop the federal flood requirement, which may make you eligible for a premium refund. Qualify for a low-cost policy. Regardless of the lender's insurance requirement, an LOMC will usually reduce your flood insurance premium by making your property eligible for a low-cost flood insurance policy. This cost-effective option provides several combinations of building and contents protection. If you've been paying the higher rate, and your lender agrees to waive the flood insurance purchase requirement, then you may be eligible for a refund of the premium paid for the current policy year, so long as no claim is pending or paid out in the last year. Contact our insurance agency at (800) 862-2070 to find out how much you may be able to save on your premium, to find out if you are eligible for a Preferred Risk Policy, and for information about any premium refund. |
| Last Updated on Wednesday, 28 July 2010 15:47 |