DELRAY BEACH, Fla., Dec. 04, 2017 (GLOBE NEWSWIRE) -- Last month, effective 11/3/17, the Federal Emergency Management Agency (FEMA) released revised flood insurance rate maps for select communities in New York, Pennsylvania, and Iowa. The new maps place many homes and buildings in a Special Flood Hazard Area (SFHA), also known as a high-risk flood zone. Now is the time for property owners in a revised flood zone to verify the accuracy of the designation.
By law, SFHA properties backed by a federally insured mortgage lender must comply with a mandatory flood insurance purchase requirement. Failure to do so within a year of the effective map date may result in forced placed insurance by the lender. Flood insurance costs range from a few hundred dollars in low-risk zones to several thousands of dollars in high-risk zones.
"Property owners must be proactive when notified by FEMA, their local municipality, or lender of a revised flood map," says Michael Freedman, president of AmeriFlood Solutions Inc.
The most critical first step is to obtain a flood risk evaluation, which studies data relating to an individual structure. It examines the structure's elevation certificate for errors that adversely affect the price of coverage.
"Flood maps have flaws and place an undue burden upon property owners to foot the bill of those who are truly high risk," states Freedman. "Those newly placed in the SFHA have a right to know if a mandatory purchase requirement is justified and if the cost of coverage is too high, too low, or simply unwarranted."
View the November 2017 list of flood map updates and request a free flood risk evaluation at http://amerifloodsolutions.com.
AmeriFlood Solutions, Inc.
AmeriFlood Solutions, Inc. (AFSI) is a risk management company helping real estate owners, operators, and those who represent their interests navigate the complexities of flood risk. Through its national elevation certificate network and flood risk management programs, the company has corrected the flood zone designation of more than 12,000 commercial and residential structures. AFSI clients have collectively saved millions of dollars in flood insurance expenses, prevented uninsured losses, and increased real estate values. Learn more at http://amerifloodsolutions.com.
Contact: Michael Freedman
Phone: 561-922-9735
Email: Michael@amerifloodsolutions.com
Twitter: @AFSI_USA