FLOODPLAIN MAPPING ELEVATION CERTIFICATES
Federal Insurance Rate Maps (FIRM) Maps are a guide and are not exact. So, is your home or business really located in a floodplain? Only a survey of the property can accurately determine this. Call Mau & Associates the floodplain experts!
Elevation Certificates: Federal Emergency Management Agency (FEMA) and Brown County adopted new Federal Insurance Rate Maps (FIRM) in 2009. This was the first revision of these maps since the early 1980’s. After adoption, the federal government implemented requirements that all federally backed loans for properties that fall within a “Zone A” flood zone must carry flood insurance. These insurance rates can be very expensive and must be carried through the life of the loan. Home owners insurance does not cover your structure for flood damage.
If instructed by your lender to have an “Elevation Certificate” completed do not ignore it. The lending institution will automatically put you in the highest rate class and charged premiums may not be refundable. Mau & Associates and your existing Insurance Agent will be happy to assist you. An elevation certificate will determine the amount of insurance you will be required to carry.
Letter of Map Amendments (LOMA): In some cases after completing the elevation certificate, it is determined that the FIRM is incorrect, and the subject property is not within the regulatory floodplain. In this case a “Letter of Map Amendment” can be completed and sent in to FEMA for removal. This process takes 30-90 days. Flood Insurance will need to be carried during this time but most of the premium should be refunded upon obtaining the removal letter. Mau & Associates has extensive experience and has successfully removed many properties.
Letter of Map Revisions (LOMR): This process is used when a property falls within a flood plain and fill is going to be used to elevate the property to remove it from the regulatory floodplain. Many regulations and options apply to this process so contact Mau & Associates, your floodplain experts for an evaluation of your property or project.