Does your lender require you to have Cocoa Beach flood insurance or FEMA? Is your home in a flood zone? The answers to these questions can cost you a lot of money. Are the answers always correct and can they be fixed if incorrect? Most homes along the Space Coast are not in flood zones.
Step one is go to FEMA.gov (under search function put in maps) and check your property for its flood zone designation. Simply put in your address and then locate your lot on the FEMA map. If your home is not in the flood zone but part of your lot is in a flood zone, the lender may have you paying flood insurance. A LOMR (Letter of Map Revision) needs to be submitted to FEMA. Some lenders have a department that will do this for you (or you can do online after getting an elevation certificate from a surveyor). Once this is approved you are no longer required to pay flood insurance and some of your past premium will be refunded to you. If you still want to carry flood insurance, your premium will decrease considerably with the new designation.
If your home is in the flood zone and fill dirt has been brought in for your house pad, the lender will have you paying flood insurance for this property. The lender does not have a department to deal with this scenario. You can file a LOMR-F (Letter of Map Revision based on Fill) to have the home removed from the flood zone. Once this is approved you no longer are required to pay flood insurance and some of your past premium will be refunded to you. If you still want to carry flood insurance, your premium will decrease considerably.
I hope this helps you save some money on Cocoa Beach flood insurance. Please check out properties for sale on our website www.floridaoasisrealty.com.