A fair question demands a straight answer, and the response may very well surprise a vast majority of homeowners subject to lender-imposed flood insurance. Knowing whether a property is in or out of an FEMA (Federal Emergency Management Agency)-designated flood zone is not enough and leads many to minimize the importance of real estate value, mitigation measures, and allocation of insurance expenditures. The price property owners, residential and commercial, alike, pay for flood insurance relies on too broad a view of exposure to flooding versus the individual structural characteristics, which give an accurate assessment of flood risk. Subsequently, they have little to no idea if the cost of coverage is too much, not enough, or simply unwarranted. Until now. The Flood Fairness Check, a complimentary service from AmeriFlood Solutions, reveals if the flood insurance mandatory purchase requirement is justified.
The NFIP (National Flood Insurance Program) makes flood insurance available to homeowners and businesses whose communities agree to adopt and enforce management regulations to mitigate flood damage. Continued efforts to reform the NFIP leave property owners hanging in the balance of a program on the brink of insolvency, a program that uses a substandard methodology to determine the actual flood risk of individual structures. The program is consistently in debt, unwittingly encourages irresponsible development, continues to rely on outdated data to designate properties vulnerable to flooding, and places an undue burden upon property owners to foot the bill of those who are truly high risk.
AFSI’s Flood Fairness Check is a comprehensive review of a property’s flood risk characteristics and studies the accuracy of the property’s flood zone classification. It analyzes the impact of severe weather events, flood map changes, local flood control systems, elevation certificate errors, and more. It empowers homeowners to be proactive about flood risk to eliminate unwarranted flood insurance requirements (reduces insurance costs) or, just as important, to prevent uninsured losses.
Should the check discover that a high-risk designation is erroneous, AFSI works with the homeowner and FEMA to reclassify the property into a low-moderate risk flood zone where insurance is not required. The savings allows a property owner to increase the real estate value, and to allocate insurance expenditures wisely – be it for preferred risk coverage, windstorm coverage, or preventive maintenance.
If your home is subject to mandatory flood coverage, now is the time to be proactive about flood risk. Take the Flood Fairness Check and obtain a straight answer about your flood requirement.
For more information, visit AFSI’s Flood Fairness Check center or submit your property here.