What, Where & When?
Elevation Surveys are now required by lenders and insurance agencies for all properties mapped by FEMA as lying within the Special Flood Hazard Area (commonly known as the 100 year flood zone). The Flood Insurance Reform Act of 2012 has led to several changes in the National Flood Insurance Program (NFIP). Key provisions of the legislature will require the NFIP to raise some rates to reflect "true flood risk".
This law is meant to eliminate some artificially low rates and discounts which are no longer sustainable. Most flood insurance rates will now move to reflect full risk, and flood insurance rates will rise on many flood insurance policies.
Anyone buying a property within a SFHA or who already owns a home within a SFHA may experience the impact of the flood insurance rate changes mandated by the Flood Insurance Reform Act of 2012. In addition, as a result of recent FEMA flood zone mapping updates, many homeowners previously mapped outside the FEMA Special Flood Hazard Area are surprised to find that FEMA has now included their homes as lying within the 100 year flood zone. If a homeowner has a mortgage, they are required to purchase flood insurance if they have been included in FEMA’s 100 year flood zone. To obtain this insurance, an elevation survey is now necessary (for properties that previously received discounted insurance rates) in order for the insurance company to establish the potential risk of flooding and the corresponding insurance premium.
How can Wolverine Engineers & Surveyors help you?
Wolverine can send out a survey crew to determine the accuracy of FEMA's mapping and to determine if your home or business is actually below FEMA’s 100 year flood elevation. In many instances, FEMA’s mapping of the Special Flood Hazard Area is inaccurate and includes many more homes than should be included for properties near a flood source such as a creek, agricultural drain, river or lake. In such cases, Wolverine can file the necessary paperwork with FEMA to get what is known as a Letter of Map Amendment to get the home (and the corresponding flood insurance requirement) removed from FEMA’s SFHA. If interested, please contact us at 517-676-9200
Are FEMA's Determinations final?
NO! FEMA's verdict that a home is subject to the 100 year flood has been successfully challenged by thousands of homeowners across the nation. The result of a successful challenge to FEMA's Special Flood Hazard Area mapping has the following benefits:
-Your home value is not diminished by the stigma associated with lying within a flood prone area.
-Perspective buyers of your home will not factor the cost of mandatory flood insurance into their decision to purchase.
-The annual costs associated with flood insurance can be greatly reduced or avoided altogether.
-A refund is available for flood insurance premiums paid for the current policy year if purchased due to FEMA's mandatory purchase requirement if your home is determined to be located above the 100 year base flood elevation.
Homes Outside of the Floodplain
Despite homes clearly shown outside of the 100 year floodplain, insurance companies and incorrect determinations can cost you money! Wolverine Engineers and Surveyors can have these determinations corrected to save you thousands on unnecessary flood insurance.
What can I gain?
Who is eligible?
312 North Street, Mason, MI 48854
Phone: (517) 676-9200
Fax: (517) 676-9396