What are the types of Letters of Map Change?ĭepending on your development, there are two main options to securing a LOMC which vary with the design of your structure. This is done by securing a Letter of Map Change (LOMC). So they have created a petition process to modify the FIRM map to remove your property from the floodplain. Hydrology is not a perfect science and FEMA recognizes that there are ways to mitigate your risk or demonstrate that your property is mistakenly classified. So your property is partially or entirely within the floodplain, and you are on the hook for additional flood insurance - and there’s no way to avoid it, right? Not necessarily. I’m in the floodplain, how do I get out of it? Statistically speaking, this is the area that will presumably flood during a rainfall event that has a 1% chance of happening throughout a given year. So, to put it simply: if your property falls in a zone labeled as a 1% annual exceedance probability zone (Zone AE in most areas) or floodway, then you are within what is referred to as the 100-year floodplain, or the Special Flood Hazard Area (SFHA). These maps can get pretty complicated to understand if you aren’t familiar with the hydrologic terminology. The NFIP Floodplain Insurance Rate Maps (FIRM) are products of this program that are publicly available to any individual interested in seeing the flood risk of their current or prospective property. Many properties are at a distinct risk of flooding during major rainfall events, and, as you may already know, the Federal Emergency Management Agency (FEMA) National Flood Insurance Program (NFIP) delineates which properties have an actuarial risk of experiencing this. Need to determine your property’s flood risk? Let’s take a look at how to know if your property is in a flood hazard area and ways to remedy it.Īs a developer and property owner, your revenue model factors in a number of variables related to your property a significant factor is the cost to insure your development.
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