Flood Insurance Removal - WHO has tried it??
I just came across an article touting a strategy that helps remove the lender flood insurance requirement.
This improved cost savings after buying multifamily by hundreds of dollars per door.
Research showed about 60% of buildings in a flood zone are incorrectly rated.
Elevation Certificates are needed to review each specific building in a high-hazard flood zone to determine whether the building is on a naturally high ground above the base flood elevation. Surprising more often than not the building is.
You have experts that then petition FEMA for a Letter of Map Amendment ( LOMA ) which would have the specific buildings removed from the high hazard flood zone. Receiving this LOMA would then eliminate the lender's requirement to purchase flood coverage.
Thoughts??
