Has your lender determined that your property is in a Special Flood Hazard Area (SFHA) as shown on a Flood Insurance Rate Map (FIRM)? Do you disagree? Well, you do have some options. In these cases, property owners can request either a Letter of Map Amendment (LOMA) or Letter of Map Revision Based on Fill (LOMR-F) depending on their individual circumstances.
FEMA reviews completed forms requesting a LOMA, along with information specific to the property. This information includes surveyed elevation data. For this reason, property owners often need to hire a land surveyor to perform an elevation survey. FEMA typically issues their determination within thirty to sixty days after receiving the application and all required data. If FEMA determines in your favor, the SFHA designation can be removed from your property. In addition, the LOMA or LOMR-F can be presented to the lender. It is ultimately up to your lender whether you will need flood insurance or not. However, many of our clients have had the flood insurance requirement removed or have seen their rates dramatically reduced.
If you’re in a Special Flood Hazard Area in Massachusetts, call us at (617) 899-0703 to schedule an elevation survey.