Reduce or Eliminate Your Flood Insurance Premiums, and get a Refund.

Summary:

Many homeowners are paying for flood insurance that they do not need because they were incorrectly told that it was required when they purchased or refinanced their homes. This is a big problem in South Florida and it can amount to hundreds of dollars unnecessary insurance premiums each year.

The Issue:

In South Florida, much of the new home developments are built on land that was once low and marshy (i.e.. reclaimed from the Everglades). To make this land buildable, large lakes and canals are dug into the ground, using the limestone material to build up the elevation so that houses and roads can be built.

The Problem:

There are several months, to years, of time lag between building houses and revising the Flood Plain Maps. Consequently, homeowners are required by their mortgage companies to buy Flood Insurance ($300-$400/year, or more) because the unrevised maps show the homes to be at much lower elevations. If you were incorrectly classified in a Flood Plain, you have the opportunity to file for a refund, and/ or a reduction in your Flood Insurance Premiums.

The Solution:

1. Check to see if your insurance company and see if have flood insurance on your house. You might also check your closing statement or refinancing statement.

2. Obtain a copy of a Flood Map for your property from a local FEMA (Federal Emergency Management Agency) "map repositories", or check with the City Zoning department to see if you are still in a Flood Plain, or if the status has been recently revised. (See phone numbers and web sites below)

3. If you are not in a Flood Plain, but are paying Flood Insurance, have the City Zoning department send you a letter with your current Flood Zoning Status, and a copy of the FEMA map and FEMA table that lists your property.

4. If you are not in a Flood Plain, or the classification has been revised, forward a copy of the City's letter and FEMA information to your Mortgage Company to see if they still require flood insurance. If not, get their written approval to remove the Flood Insurance.

5. Forward a copy of the City's letter and the Mortgage Company letter on to your Insurance Company. Include any other paperwork that they require. For example, they may want to see your flood policy number, your title policy, proof of payment, FEMA Flood Map, etc.

6. If Flood Insurance is no longer needed, or your revised, request that you policy be modified or canceled and you should get a refund for the current year, and prior years.

7. As of October 1, 2003, the National Flood Insurance Program (NFIP) changes its rules and it became possible to get a refund for up to six years of overpayment. The old rules only allowed up to two years for refund of overpayment and make sure that you Insurance Company is aware of this.

Note: If you think that your FEMA Flood Map is wrong, you can ask for a map amendment from FEMA, but there is an application fee and process. See http://www.fema.gov/fhm/hm_help.shtm

If your Flood Map has been amended since you moved in or refinanced, you might be eligible for a refund. In addition the refund, you may save money by reducing or eliminating future Flood Insurance Payments.

Its worthy to note that there are several companies out there that will do all of this paperwork for you, but they will charge you a fee. This is an option, especially if you need to file for a flood plain map amendment.

Below are some Helpful Links and Phone Numbers for Miramar, Florida Residents.

How To Find Your Legal Description?
Broward County Assessor's Web Site at www.bcpa.net and click on "Property Search".

Miramar City Phone: (954) 967-1500

How To Obtain a copy of a Flood Map for your property?
1. FEMA Flood Hazard Mapping - http://www.fema.gov/fhm/hm_main.shtm
2. To E-Mail a Map Specialist, Click on Your Location of Interest, femamapspecialist@patlive.com
3. FEMA Map Assistance Center 1-877-336-2627 (877-FEMA-MAP)