Frequently Asked Questions

IS YOUR HOME SHOWN TO BE IN A FLOOD ZONE BY FEMA RESULTING IN HIGH PREMIUMS TO MAINTAIN FLOOD INSURANCE?

WHY IS MY PROPERTY LOCATED IN A FLOOD ZONE?

Flood maps are issued by The Federal Emergency Management Agency (FEMA) as an end result of a general study of a large area. This study does not evaluate individual properties and is very broad based in nature. These areas are then determined to be Special Flood Hazard Areas (SFHA). A SFHA is an area that has been determined to have a 1% annual chance of flooding in 100 years and FEMA requires mandatory flood insurance on property located in a SFHA. Your property was not studied by FEMA individually. This is why there is a 60% margin of error in the flood maps.  Flood maps are updated every few years.

WHAT ABOUT MY MORTAGE COMPANY?

Each mortgage company obtains a flood zone determination prior to the closing of a loan to determine if the property is located in a SFHA. These determinations are done by any company chosen by the lender. If the flood zone determination (right or wrong) comes back and states your property is in a SFHA then by law the lender must require flood insurance on the property. 


You have a right to dispute this and once the flood zone is changed the lender will remove the requirement for flood insurance. A copy of the flood zone change must be given to the lender in order for them to remove the flood insurance requirement.

WHAT ABOUT MY FLOOD INSURANCE POLICY?

Once the flood zone is changed on your property mandatory flood insurance is no longer required by FEMA. You then have 2 choices. 


First you can cancel your current national flood insurance policy NFIP and obtain a full refund for the current premium year that you have already paid as long as the payment is current and there have been no claims. We will provide the forms to obtain your refund.


Or you may choose to continue to carry flood insurance through a preferred risk policy and since the insurance is not required you can carry any amount of coverage you want. You do not need to carry the full amount of your mortgage if you choose. Premiums are greatly reduced when you choose this option.

Certifications

pix pix pix

Services Overview Combining the Expertise of:

Inspections

Engineering

Insurance

    To help people save money!

Contact Us

Address: PO Box 5, Oldsmar, FL 34677
Phone: 813-525-5391

E-mail: bhubbard@floridafloodexpert.com