Nov. 11 Understanding Flood Zoning and Managing your flood insurance expenses

Nov. 11 Understanding Flood Zoning and manage your flood insurance expense
Insurance companies assess the flood risk of your property according to FEMA zone map.
The map is an area wide survey according to geological features affecting the area at large. There is less consideration of features and elevation of individual property.
Owner of property in a flood zone has the option to have property surveyed by qualified (and licensed) land surveyor up close and submit the surveyed result for FEMA review and update to the flood zoning map.
Insurance company will accordingly adjust insurance rate or even refund insurance premium paid.
Mr. Keith Nofiled, a licensed surveyor, explained in our seminar the process to get this done. He even went in great length showing all the forms involved and what each piece of information on the form means to owner.
When the zone map is being updated, some properties may be drawn into flood zone and subject to flood insurance. Local municipal is also doing work to divert flood and reduce the risk. What some previous flood zone area property may no longer be subject to flooding. Owner can take the initiative to update their flood risk status with FEMA and avoid paying flood insurance premium for any longer time.