Can You Avoid Flood Insurance Premiums?

When is Flood Insurance Necessary?

Flood insurance is often required when a buyer finances property located in a floodplain according to the National Flood Insurance Program's (NFIP) Flood Insurance Rate Map (FIRM). When lenders use a remote agency to determine the threat of flooding to a property, any property that falls within or sometimes near the map's risk area is routinely classified as threatened by flooding. 


Can Flood Insurance Be Avoided?

Because NFIP FIRMs cover large geographic areas, subtle or moderate variations in the terrain are sometimes not indicated on the map. If the property owner can demonstrate that his property is at a higher elevation than the flood zone, the expense of flood insurance premiums can be avoided. This is commonly accomplished with a Flood Zone Survey.


What is the Process?

A professional surveyor can complete a Flood Zone Survey by measuring the property and building elevations. If the property is above flood hazard level, he will prepare an Elevation Certificate and/or Letter of Map Amendment and submit to FEMA to remove the property from the flood risk zone. This one-time activity will save the flood insurance premiums, sometimes upwards of $1,000 annually.


Curious to Know More?

Our surveying staff have completed hundreds of flood zone surveys over our nearly 60 year history. We regularly work with lenders, realtors, developers, attorneys and residents across northern Michigan. If you would like further information regarding flood zone surveys, contact us for additional information.