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Name:
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No Cat
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Subject:
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Flood Level 524?
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Date:
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7/30/2009 2:01:20 PM
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You should probably spend some time at FEMA's website as I did a few years ago when deliberating the purchase of a home for which a portion was below the 524 mark (ultimately I passed on that home). I'm no expert, but the following comments are from my old notes:
For property within a Special Flood Hazard Area (Zone A), a lender is mandated to require flood insurance through the NFIP.
Based on the old 1991 flood maps for Smith Lake (available on FEMA's site), it appears that all lake property by default is in Zone A which FEMA currently defines as the 524 ft, 100 yr. flood mark. (I believe that FEMA allows for a 2ft headwall of water during flood conditions above APCo's 522 spillway.)
Some owners can request FEMA to amend the map to exclude their property from Zone A and it appears that FEMA grants the amendment if the lowest adjacent grade (per elevation certificate) exceeds the 524 mark. With the amendment, the mandated flood insurance requirement is waived (though a lender may still require at its discretion) and the owner can pursue a Preferred Risk Policy if desired.
This amendment process involves a Letter of Map Amendment (LOMA), and actual filed copies are viewable at FEMA's site for Smith Lake properties.
You might want to google "Lowest Adjacent Grade" (LAG) to find out the definition in the context of surveying for this purpose but the definition can include your basement as well as footings for a deck attached to your home.
Before requesting a formal elevation certificate, a regular survey of lakeshore property should have indications of both the 510' and 524' marks. If you are above the 524', this document alone may allow you to get a much lower-priced flood policy if still required by your lender or desired for peace of mind.
If your LAG is below 524, I doubt that you can successfully amend the map via an LOMA and I wouldn't waste the expense of an elevation certificate and application of the LOMA. Instead, find a good insurance agent that can work with the carrier and your specific circumstances to identify a reasonable solution. Perhaps you just have to install qualifying flood vents in your basement foundation walls, etc.
As noted above, I ultimately passed on the purchase of that specific property. It's LAG (corner of the basement as well as deck footings) was below 524 and the seller had not resolved the issue with the insurance carrier. The seller was paying $3-4,000 / year in flood insurance premiums! By comparison, the seller's neighbor was fully above 524 but only paid $300 / year in flood insurance and had not bothered with an LOMA or elevation certificate.
By the way, do not rely on the appraisal report on which the appraiser must indicate if Zone A. Most appraisers don't seem to understand the rules. All Smith Lake lakefront property is Zone A unless specifically amended by LOMA on a property by property basis.
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