I live in a desert, doesnot flood but their maps show in a flood plain. Have lived here for 6 years and from the beginning never needed flood insurance, but now mortgage company is ordered to charge for it by FEMA demand.
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How to avoid FEMA flood insurance program by our mortgage Co.?
May 30th, 2010
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There is no way around it, if you are in a designated flood plain. Many areas have recently redrawn flood plain maps, using satellite imagery, which can indicate to them if the area has ever flooded. If it HAS flooded, you will be in a flood plain.
If it’s in a flood plane -that means it has flooded there before.
If the mortgage company requires flood insurance – not much you can do other than get it.
The good news – if the risk of flood is low….the coverage will be cheaper. So contact your current homeowners company and get a quote. All flood policies are through the federal government. The bill may show your homeowners company and the adjuster working a flood claim will be from your company – but it’s federal money that pays the claims. The only available flood coverage is through the federal government. Odds are getting the coverage through your carrier will be cheaper than what the mortgage company is charging for it.
Your lender is mandated by federal law to require flood insurance if the applicable FEMA Flood Insurance Rate Map (FIRM) places your house within a 100-year floodplain. See here: http://.www.floodsmart.gov.
Right. Every few years, FEMA reviews the flood plains. New construction, new weather patterns, all those have effects on local flooding areas.
IF you live in a 100 year flood plain – which CAN change from year to year! – AND have a standard mortgage, the only way “out” of the situation, is to have your property surveyed, to verify if, indeed, your HOUSE is at a low enough elevation to need it. This is called, getting an “elevation certificate”, and you have to do it from a surveyor.
This will cost you, depending on where you live, between $700 and $1,000, and of course, there’s no guarantee what the results will be. BUT, if your elevation certificate shows your house is actually high enough (it might be a corner of a detached garage, or even part of your LOT in the flood plain, but not the actual house), then that will get you off the hook.