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.

FPRS has discovered that 2/3rds 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 FPRS, 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, FPRS not only conveys concern for the borrower’s over payment, FPRS has concern for the more rare, although not less important, instance where the borrower is underinsured.

Under the “act”, after a claim, the steps to be taken are the same as if the borrower has no insurance at all. In all our conversations with borrowers, their one goal of satisfaction, is the peace of mind that comes from the certainty that they are correctly and appropriately insured. FPRS’s goal of professionalism extends to lenders, insurers, builders, realtors, financial planners, condominium association board members and all others who are in positions of responsibility, to ensure certainty with regard to mandatory flood insurance. “One can dodge their responsibilities, but one cannot dodge the consequences of dodging their responsibilities”.