Winnipesaukee Forum - View Single Post

upnorth · 01-12-2010, 11:58 AM

I had the same situation and couldn't fight it in time for the closing. But, I believe the bank is required to remove the flood insurance requirment if you later prove that you are not in a flood zone.

So, what I did -- I closed by purchasing the insurance for the first year at about $900. During that year, I found out that each and every property around any lake or river is automatically in a flood zone -- the FEMA guy I called in Washington told me that they basically take a yellow hightlighter around any waterway and deem that area to be a flood zone -- the width of the yellow highter translates into a zone of about 200 feet back from the water. They have no clue from the maps how fast the rise is back from the lake and that's where a surveyor comes in. I hired Associated Surveyors at a cost of I believe about $1500 and had my property surveyed. They confirmed that the foundation was not in a flood zone. I used his stamped drawings and affidavit and submitted it all to FEMA and got a waiver. I brought that waiver to the attention of the bank and they withdrew the requirement. Granted -- it cost me the first year's premium, the survey and some time, but I eleiminted the requirement over the full lenght of the mortgage (30 yrs). Perhaps I'm too late for you, but if you PM me, I can talk with you on the phone.

01-12-2010, 11:58 AM	#24
upnorth Senior Member Join Date: Jan 2005 Posts: 64 Thanks: 0 Thanked 2 Times in 2 Posts	FLood Insurance Waiver I had the same situation and couldn't fight it in time for the closing. But, I believe the bank is required to remove the flood insurance requirment if you later prove that you are not in a flood zone. So, what I did -- I closed by purchasing the insurance for the first year at about $900. During that year, I found out that each and every property around any lake or river is automatically in a flood zone -- the FEMA guy I called in Washington told me that they basically take a yellow hightlighter around any waterway and deem that area to be a flood zone -- the width of the yellow highter translates into a zone of about 200 feet back from the water. They have no clue from the maps how fast the rise is back from the lake and that's where a surveyor comes in. I hired Associated Surveyors at a cost of I believe about $1500 and had my property surveyed. They confirmed that the foundation was not in a flood zone. I used his stamped drawings and affidavit and submitted it all to FEMA and got a waiver. I brought that waiver to the attention of the bank and they withdrew the requirement. Granted -- it cost me the first year's premium, the survey and some time, but I eleiminted the requirement over the full lenght of the mortgage (30 yrs). Perhaps I'm too late for you, but if you PM me, I can talk with you on the phone.