Flood Diligence for Property Owners

Is it in or out of a flood zone? Is it a flood eligible structure? 

Do you own the contents inside the building? 

What does your lender think? 

The wrong answer can cost you thousands of dollars and a lot of wasted time.

• Most lenders have a flood insurance department that reviews your loan file every year. Due to government regulations, lenders are subject to huge fines if you're property isn't properly insured. In most cases, lenders will err on the side of caution. 

• It's not uncommon for bank employees to spend hours, or even days on your loan file looking at flood certifications, satellite images, appraisal photos, or property inspections trying to determine what structures are in a flood zone, or if a structure is even eligible for flood insurance. We've seen the same scenario over and over again - a bank employee decides a building and/or contents needs flood coverage, but the borrower doesn't agree. The bank force places flood insurance. The borrower spends significant resources to prove insurance isn't needed.

• Our team has done extensive flood diligence for some of the nation's largest banks as well as regional and community banks. Our team of reviewers are familiar with the various regulations and what should and shouldn't require flood insurance. We know what lenders require and we know how to speak their language. 

• We represent the property owner throughout the process and make sure that the lender is satisfied. In addition, we can provide your lender with the evidence they need to finalize their review. 

• We'll prepare a report that your lender can attach to your loan file so that you don't have to deal with flood insurance issues year after year.

• Our team will review communication from your lender regarding flood insurance discrepancies. This is typically sent to you in the form of a 45-Day Notice. Time is of the essence since your lender MUST force place insurance at the end of the 45-day period. Sometimes it's a problem that can easily be resolved with an on-line review of your property and contacting your lender. With your permission, we're always happy to contact your lender and discuss the situation. We deal with lenders every day.

• If it's a more complicated situation, an on-site inspection may be required. We will visit your property, document each building including sheds, pump houses, and anything else that would be considered flood eligible. We will compare this to your lender's file and work with them to resolve your particular situation.