Flood plains are a subject that comes up a lot in our office. We discuss it with our surveyors, staff, and even the public, prospective buyers, and homeowners who have their mortgages reevaluated. It's a common occurrence for homeowners to receive flood plain letters from their lenders, which often scares them off. However, it shouldn't necessarily raise concern because floodplains can be well defined through engineering and surveying methods, although this can incur additional costs. I once encountered a distressed property that had been incorrectly mapped as being in a floodplain when it was actually not. This caused potential buyers to be hesitant about purchasing the property due to the requirement of a costly flood insurance policy for financing. The seller did not want to invest any money into the property for addressing this issue, which resulted in the property staying on the market for an extended period. Eventually, it was sold to a cash buyer at a significantly reduced price. Despite this setback, the property turned out to be a much better investment in the long run than people initially realized. Fortunately, there are processes in place to remove the floodplain designation from a property through a letter of map amendment process with FEMA. Even if certain areas are within the floodplain, structures outside of it can still be protected. Additionally, flood insurance premiums can be reduced by providing elevation certificates and conducting thorough survey and engineering work. By identifying that the risk is lower than what the insurance company assumed, homeowners can secure more favorable insurance rates. It's important to understand that floodplains should not be disregarded as insignificant, but they should also not be viewed as the end of the world. In some cases, there are simple remedies available to remove them from the equation.
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Flood elevation certificate surveyor Form: What You Should Know
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