Flood Insurance

newbie · 10-29-2012, 03:40 PM

Well this is new. We have a home on the lake in M'boro and our bank is requiring us to buy flood insurance. They say we don't have to if FEMA issues a Letter of Map Amendment (LOMA). I have downloaded the application package from the website, buy honestly it is gibberish to me. So has anyone else have this issue, does anyone know of people who can help walk me through this for a reasonable fee?

Thanks

Dave

Guiness · 10-29-2012, 05:01 PM

Funny flood insurance comes to mind on a day like this...

winnipiseogee · 10-29-2012, 05:16 PM

I've had this done for a commercial property I own of the pemi river in plymouth. For me its was about getting my premiums reduced rather getting me out of it in total. I hired a surveyor that came out and issued a certificate stating that although I was in the flood plain the lowest level of my property was still 17 feet above mean high water. It took my premiums from $7k a year down to $1800. The survey cost me about $800. If I were you I would start with Dolan Surveying in Mboro. If he can't do the survey I'm sure he can tell you where to go.

Best of luck!

DickR · 10-30-2012, 10:30 AM

This has come up before on this forum. Do a search for other answers. Back in '92, when we acquired the current property, the bank told us also that we had to have flood insurance. I called them about it, and we wondered if maybe the beat up boat house had anything to do with it, seeing as it already had water in its "basement." When I pointed out that the house was high enough above lake level that their downtown Laconia office might be flooded before the house saw water, they said to forget about the flood insurance. No survey needed. If bureaucrats would first just go look and think a little......

BroadHopper · 10-30-2012, 12:18 PM

I have a house on the Merrimack River in Hooksett. FEMA claim I am in the flood zone, i.e. within 200 feet of the river. However the house is located above the railroad almost 50' above high water level. According to town and state records, the property was never flooded, even during the '38 hurricane.

Because FEMA claims I am on flood zone, I have to purcase flood insurance to satisfy the mortgage lender. I have a great insurance agent who was able to find an appraiser to give me a substantial break!

Government is known to shoot before aiming.

jazzman · 10-30-2012, 06:24 PM

If the lowest part of your house (where the piers enter the ground), is over 506.2, you can get a LOMA and avoid flood insurance. You can't do this yourself. You need a licensed surveyor to measure your elevations and fill out the forms. I used Eric Roseen who knows how to do this and charged a very reasonable fee for it.

Unfortunately I failed the 506.2 test, but he still provided an elevation certificate for my insurance company showing the 1st floor level, septic and all mechanical systems were above 506.2 and the insurance quote went from $1600+ to around $250.

10-29-2012, 03:40 PM	#1
newbie Senior Member Join Date: Apr 2004 Location: Just North of Boston Posts: 106 Thanks: 60 Thanked 5 Times in 4 Posts	Flood Insurance Well this is new. We have a home on the lake in M'boro and our bank is requiring us to buy flood insurance. They say we don't have to if FEMA issues a Letter of Map Amendment (LOMA). I have downloaded the application package from the website, buy honestly it is gibberish to me. So has anyone else have this issue, does anyone know of people who can help walk me through this for a reasonable fee? Thanks Dave

10-29-2012, 05:01 PM	#2
Guiness Senior Member Join Date: Jun 2005 Posts: 63 Thanks: 25 Thanked 11 Times in 7 Posts	Good Timing Funny flood insurance comes to mind on a day like this...

10-30-2012, 12:18 PM	#5
BroadHopper Senior Member Join Date: Oct 2004 Location: Laconia NH Posts: 5,570 Thanks: 3,206 Thanked 1,101 Times in 793 Posts	Agreee with DR I have a house on the Merrimack River in Hooksett. FEMA claim I am in the flood zone, i.e. within 200 feet of the river. However the house is located above the railroad almost 50' above high water level. According to town and state records, the property was never flooded, even during the '38 hurricane. Because FEMA claims I am on flood zone, I have to purcase flood insurance to satisfy the mortgage lender. I have a great insurance agent who was able to find an appraiser to give me a substantial break! Government is known to shoot before aiming. __________________ Someday may never be an actual day.

10-29-2012, 05:16 PM	#3
winnipiseogee Senior Member Join Date: Apr 2009 Posts: 297 Thanks: 67 Thanked 152 Times in 79 Posts	I've had this done for a commercial property I own of the pemi river in plymouth. For me its was about getting my premiums reduced rather getting me out of it in total. I hired a surveyor that came out and issued a certificate stating that although I was in the flood plain the lowest level of my property was still 17 feet above mean high water. It took my premiums from $7k a year down to $1800. The survey cost me about $800. If I were you I would start with Dolan Surveying in Mboro. If he can't do the survey I'm sure he can tell you where to go. Best of luck!

The Following 2 Users Say Thank You to winnipiseogee For This Useful Post:
Lakegeezer (10-29-2012), newbie (10-29-2012)

10-30-2012, 10:30 AM	#4
DickR Senior Member Join Date: Apr 2008 Location: Moultonborough Posts: 750 Thanks: 4 Thanked 259 Times in 171 Posts	This has come up before on this forum. Do a search for other answers. Back in '92, when we acquired the current property, the bank told us also that we had to have flood insurance. I called them about it, and we wondered if maybe the beat up boat house had anything to do with it, seeing as it already had water in its "basement." When I pointed out that the house was high enough above lake level that their downtown Laconia office might be flooded before the house saw water, they said to forget about the flood insurance. No survey needed. If bureaucrats would first just go look and think a little......

10-30-2012, 06:24 PM	#6
jazzman Senior Member Join Date: Jul 2011 Location: Mont Vernon NH & Big Barndoor Island Posts: 321 Thanks: 4 Thanked 184 Times in 62 Posts	If the lowest part of your house (where the piers enter the ground), is over 506.2, you can get a LOMA and avoid flood insurance. You can't do this yourself. You need a licensed surveyor to measure your elevations and fill out the forms. I used Eric Roseen who knows how to do this and charged a very reasonable fee for it. Unfortunately I failed the 506.2 test, but he still provided an elevation certificate for my insurance company showing the 1st floor level, septic and all mechanical systems were above 506.2 and the insurance quote went from $1600+ to around $250.