If you are buying or selling property or refinancing, FEMA (ACT BW-12) now requires you to have a

 Late in the first quarter of the year, President Obama signed into law the new Homeowners Flood Insurance Affordability Act.

And you are asking yourself “What does this mean to me?”  More than 34, 000 homeowners and businesses in Pennsylvania are going to see their flood insurance rates rise.

The rates will experience a gradual rate increase to properties now receiving low or subsidized rates until they increase to the full-risk rates required under the new law. Under this new law FEMA will be required to increase rates on most subsidized properties by no less than 5% to 18% a year until they reach their full risk rate.

Older business properties, older non-primary residences, properties that have had frequent flooding and buildings that have been substantially damaged or improved before the local adoption of the Flood Insurance Rate Maps, are exceptions of the new law. These exceptions maybe subject to up to a 25% increase per year until they reach their full risk rate.

Land Grant Surveyors provides you the homeowner FEMA PA Flood Elevation Certifications, a flood certification is usually required by a lender or insurance company, and will assist you with determining the specific flood zone, if any for your property location.  With this Flood Elevation Certification you will determine the risk factors and this tool with assist in the determination of your insurance cost and policy.

Request a FREE Flood Cert Estimate. Call 285-7872.

When real estate is purchased near a body of water, a flood certification is usually required by the lender or insurance company. The certificate states the flood zone in which the real property is located. FEMA (Federal Emergency Management Agency) flood maps are examined using the address or geographic coordinates of the property. Using the location on the map, we will certify the specific flood zone, if any, in which the property is located.

What are Elevation Certificates and LOMA?

FEMA explains a Flood Elevation Certificate as “a community’s permit file must have an official record that shows new buildings and substantial improvements in all identified Special Flood Hazard Areas (SFHAs)are properly elevated. This elevation information is needed to show compliance with the floodplain management ordinance. FEMA encourages communities to use the Elevation Certificate developed by FEMA to fulfill this requirement since it also can be used by the property owner to obtain flood insurance. Communities participating in the Community Rating System (CRS) are required to use the FEMA Elevation Certificate.”

A LOMA or Letter of Map Amendment is defined by the Department of Homeland Security as an official amendment, by FEMA, of a community’s effective National Flood Insurance Program (NFIP) map to remove structur(s) or lot(s) from the floodplain that have not been elevated above the base flood elevation by placement of fill.

Flood insurance consumers can learn more at Floodsmart Toolkits – English and Floodsmart Toolkits – Spanish.

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