How to Get Out of Paying for Flood Insurance

Is your mortgage company requiring that you purchase flood insurance? Do you disagree with this requirement? Often, the notice from your lender that you are in a flood zone and must buy a flood policy can come as a shock. Let’s look at some of your options.

First, it is important to understand how your home or commercial building was originally included in a flood zone. Typically, FEMA works with your city and/or county to determine the areas where flooding is more likely to occur. Then, flood zones are created. If your structure is in one of these zones, your lender is mandated to require that the home be covered by a flood insurance policy.

Unfortunately, some of these flood zone maps are very old and have not been updated to include changes that may have occurred. Between climate change and building expansion, what once was a high-risk area may not be anymore, and vice versa.

If you believe your home was incorrectly placed in a Special Flood Hazard Area (SFHA) by FEMA, you may be able to change your flood zone designation through the Letter of Map Amendment (LOMA) process. While this typically takes 30 to 60 days, SecondLookFlood can often complete it in just days—or even hours. With nearly 15 years of experience and exclusive access to eLOMA, they can fast-track your application and guide you every step of the way.

If you believe FEMA has incorrectly designated a property in a high-risk flood zone (SFHA), SecondLookFlood.com can help. They manually research the FEMA Flood Insurance Rate Map to verify a lender’s determination. If an error is found, they can help guide the dispute process and provide supporting evidence for a review. Work directly with a Flood Map Specialist or Certified Floodplain Manager to overturn a Flood Zone Determination.

You will typically be required to include an elevation certificate, which can be obtained by going to MassiverCert.com. You can read more about the process on FEMA’s website.

If you do end up needing flood insurance, we can shop the market for the best coverage, at the lowest price. Whether that ends up being a private flood insurance policy, or one through the NFIP, our sophisticated technology hunts down the best price for you. Start a quote and see how much you can save by choosing FloodPrice!

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