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Name:
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No Cat
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Subject:
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Cert. of Elev.
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Date:
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12/9/2009 12:55:20 PM
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I'm the last person to defend either FEMA or the banks but I do think there is some confusion hereon. I have noticed that FEMA has posted new flood maps as noted by others hereon. However, when I was investigating the purchase of a home in 2007 and was using the old maps and other info on FEMA's site, I noted the following at that time:
1. Essentially all lake front property was defaulted to Zone A. I didn't bother to look at non-lake-front property but if your lot was on the lake, I'm willing to bet that it was Zone A unless you had specifically requested and obtained a letter amendment (LOMA) that effectively rezoned your specific parcel
2. Previously-filed LOMA's (which are publicly viewable at FEMA's site) referenced the 524 mark as the 100-year mark - not the 522 elevation of the spillway
3. Appraisal forms were changed in recent years and the new forms had a box asking for flood zone. I've seen appraisals completed for Smith Lake property where the appraiser ignorantly indicated Zone X even though the property was really Zone A. I would not rely on an appraisal to tell you what you property is zoned for.
Long story short, I don't think that FEMA has changed the rules for lake-front property owners on Smith Lake. If anything, your bank has finally woken up and started to enforce what should have been enforced previously. (Gee, I wonder if the recent real estate crash and resulting loan losses had anything to do with this sudden trend?)
There are two type of surveys. With a normal survey (several hundred dollars), the surveyor should mark the 524 line on your property. That document alone may be enough to convince your carrier that your structure is above the 524 mark and thus assign a lower risk premium for the flood policy. However, if your structure is above the 524 mark and you want to eliminate flood insurance altogether, you need to get a LOMA which will require the more costly elevation certificate and letter filing. Even if the LOMA is approved, that approval only means that the bank is not federally mandated to require flood insurance. As stated on the form itself, your specific bank has the discretion to still require a policy (in that case you might want to refinance).
If some part of your structure is below 524, I don't think you'll get the LOMA approved. In that case, find an agent that works with flood carriers regularly and investigate appropriate solutions (flood vents, retaining walls, etc.) that can reduce your premium to a manageable amount (for both you and a future buyer).
Go to FEMA's site and look at the new maps. Takes a while to figure out the navigation, but you can eventually look at quandrants near your property and see previously-filed (both approved and rejected) LOMA's nearby. These actual LOMA's are quite informative.
Again, I'm not defending banks and I'm not defending FEMA. I simply had spent alot of time learning about this issue in 2007 when trying to get comfortable with a potential house.
Good luck
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