Monday, August 25, 2014

New Flood Maps

Residents in the Reservoir area may soon be getting correspondence from their mortgage company, informing them their house is now in a flood zone.  Flood insurance will then be mandated, raising the escrow portion of the monthly note considerably.  Many homes not previously in a flood zone are now within it, raising ire and consternation. If you live in one of these homes, I encourage you to educate yourself on the new flood maps.  You may be entitled to relief.  Some good resources to start with are:


Understandably, PRVWSD property is a major victim (and this is not the first time we've discussed this; see here and here).  Steve Clark at PRVWSD states he fields calls at a rate of 5 to 10 a week.  Because the maps come from FEMA, there is little PRVWSD can do. However, much of the information the new flood maps are based on, may be faulty.  If you believe your home was erroneously placed in Zone AE, here is Steve's plan of action:

1.  Hire a surveyor to prepare an Elevation Certificate.
2.  If the survey indicates you are outside of the flood hazard, have the surveyor prepare a Letter of Map Amendment ("LOMA").
3.  Send the LOMA and a copy of the Elevation Certificate to FEMA.
4.  Take the Elevation Certificate to your flood insurance company and see if you can get a lower rate while you wait for the Federal Government to act.
5.  Pray the Federal Government certifies your LOMA and removes you from the flood hazard area.
6.  Any amount you paid over the proper preferred rate prior to certification of the LOMA by the Federal Government should be refunded to you.

According to information obtained, the PRVWSD, in an attempt to demonstrate the absurdity of the flood maps, paid to have two random subdivisions on leasehold property surveyed. The hope was that once the Federal Government saw how incorrect the flood maps were from the actual elevation survey, FEMA would readjust all of the PRVWSD property. That didn't happen.

The bottom line is, if you want to remove your home from the flood zones, you may have to take matters in your own hands.  

4 comments:

Leigh Anne Turner said...

This is ridiculous. I am 2' above the 100 year flood & having to go through this nonsense. I heard from my insurance agent Blackstone got out of it. I also if you have the surveyor fill out the LOMA for you, it'll cost you around $400 where you can do it yourself for free. My surveyor told me that. I plan to do mine. There is a PRP rate we can take advantage of as well since we are in a new flood zone that wasn't one before even though from what I am hearing is all an error. I am taking advantage of that rate until I hopefully get relief granted from FEMA in 4-6 months.

Anonymous said...

Did they just redo these like a year or two ago? Did the earth shift since then? Did the MS fault shift? Or is this more government waste?

Anonymous said...

I am not as informed on this situation as I should be. However I did notice my property in the shaded designation area. Is that the dreaded "ae" designation?
Generally speaking: what is the cost of flood ins per 100k?
The designation by my property on the flood map is 2821c0070f - not sure what that means.
Can PRV hold some work sessions to assist leaseholders in effectively creating a LOMA?
And understanding the costs we will be facing? Is Thad helping out?
If the FEMA maps are in error will it be stopped?

If my property is paid for do I still have to have flood insurance?

Sort of a rookie on these matters.

Anonymous said...

My insurance agent worked with my mortgage company and fema to make a change on my designation. Very thankful they were proactive... saved my a lot of money .