Research shows that one-third of the properties determined to be within a SFHA may not need to be insured due to local factors that may not be represented on the FIRM (drainage, fill added during construction, etc.). Another one-third is eligible for a reduction in the annual premium due to these same factors that may not have been taken into consideration when the FIRM was mapped. In an effort to inform you of the solutions associated with your specific situation FRS would conduct an in-depth analysis to validate any rules or regulations that may apply in your favor. With an in-depth analysis it may reveal that your property is not at as high a risk for a flood as the FIRM suggests, and in turn, your flood premium could be reduced or eliminated. You are entitled to a refund of your current years’ premium and or the portion that is reduced, once accuracy is placed.
About FRS's Beginning
Formerly known as Flood Premium Reduction Services was founded by Lexi O’Leary in 1999, based on her experience of successfully removing a structure from a SFHA (Special Flood Hazard Area) with a LOMA (Letter Of Map Amendment) issued by FEMA (Federal Emergency Management Agency). The focus of FPRS was to ease the “burden of proof” that is on the borrowers, if they believe there is a mistake in their determination, or if they dispute the amount of flood insurance required by their lender. FEMA governs the NFIP’s (National Flood Insurance Program) Mandatory Purchase Requirements including the requirement of lenders to ensure flood insurance is placed on the structure, prior to closing the loan. Without an elevation certificate, insurers are unable to accurately quote an insurance premium so it stands to reason they would err on the side of caution, which causes unnecessarily higher premiums.
If the borrower believes their structure should not be in the SFHA, FEMA is the only agency which can lift a structure by means of a LOMA. The process by which FEMA issues a LOMA includes submission of an Elevation Certificate plus adequate supporting data as evidence to reduce or eliminate the required flood insurance.
FRS has discovered that 2/3 of the borrowers in SFHAs nationwide pay an inappropriate amount of flood insurance. Of those, one half are paying an inflated amount and the other half should not be required to pay at all. Through FRS, the borrower no longer has to be uncertain of their structure’s position. Our company’s focus is to provide a service that not only completes the forms FEMA requires, we also ensure accuracy with the determination of the structure’s placement, and then we secure their current year’s premium refund or the difference in the event they receive a reduction. By encouraging accurate levels on an individual’s structure, FRS not only conveys concern for the borrower’s over payment, FRS has concern for the more rare, although not less important, instance where the borrower is underinsured.
Formerly known as Flood Premium Reduction Services was founded by Lexi O’Leary in 1999, based on her experience of successfully removing a structure from a SFHA (Special Flood Hazard Area) with a LOMA (Letter Of Map Amendment) issued by FEMA (Federal Emergency Management Agency). The focus of FPRS was to ease the “burden of proof” that is on the borrowers, if they believe there is a mistake in their determination, or if they dispute the amount of flood insurance required by their lender. FEMA governs the NFIP’s (National Flood Insurance Program) Mandatory Purchase Requirements including the requirement of lenders to ensure flood insurance is placed on the structure, prior to closing the loan. Without an elevation certificate, insurers are unable to accurately quote an insurance premium so it stands to reason they would err on the side of caution, which causes unnecessarily higher premiums.