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Flood Insurance and LOMA appplication?


biketrax's Avatar
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CT

08-24-16, 02:02 AM   #1 (permalink)  
Flood Insurance and LOMA appplication?

Has anyone done a LOMA? Does it cost as much as a full survey?
Did you get to add anything else into the application?
Did you get a refund for used back payments?
We were put into a flood zone, however we also had a newly built town (level) controlled dam on our pond built by Army Corps of engineers! I want to make sure this information is submitted into our application.
thanks for any advice!

 
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Whitenack's Avatar
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08-25-16, 05:05 PM   #2 (permalink)  
Sorry biketrax. Don't have much experience with flood insurance.

 
Norm201's Avatar
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08-26-16, 06:18 AM   #3 (permalink)  
Give us more info. What does LOMA stand for and do they have a website? Is it a private issuer or gov't sponsored agency? Is it commercial or residential insurance?

 
Baldwin's Avatar
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08-26-16, 09:14 PM   #4 (permalink)  
What is a Loma?
The FEMA Letter of Map Amendment (LOMA) or Letter of Map Amendment - Out as Shown (LOMA-OAS) determination is a no cost-application and will state the property or building is correctly shown outside the Special Flood Hazard Area (SFHA) and, therefore, the mandatory flood insurance requirement does not apply.

 
Norm201's Avatar
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08-27-16, 05:26 AM   #5 (permalink)  
Thank you. Learned something new.

 
biketrax's Avatar
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08-29-16, 11:48 PM   #6 (permalink)  
Baldwin very well answered except for "LOMA is a no cost-application " however IT will cost me the price of a surveyors time for a few hours of laying out gps coordinates! And his John Hancock stamp of approval!
The thing that bothers me more than the surveyor cost is that I was told by FEMA that in order for the town to have FEMA update/revise the flood maps in town will cost over 5 figures. Our DAMN was rebuilt after the maps were originally made and submitted to the town. My reason to incorporate the newly built dam is that it has a control valve on it which would supersede any danger of flooding on my property.
I would just want them to factor this in!

 
biketrax's Avatar
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02-20-17, 06:16 AM   #7 (permalink)  
Bump

I guess no one has any further experience or advise on this matter?

 
Vermont's Avatar
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02-20-17, 06:38 AM   #8 (permalink)  
I don't think I have much to add; but as a Real Estate Broker, I recently sold a Lakefront Cottage (on Shadow Lake in Glover, Vermont) to a couple who wanted to fight the requirement that they buy Flood Insurance in order to obtain their Mortgage on the property.

This Lake was also controlled by a Dam that regulated the water level of the Lake, and could certainly be used to protect any and /or all of the shoreline landowners in the event of flood conditions.

They also thought that the cost of obtaining a LOMA was excessive; but it certainly wasn't in the 5 figure area. I think it cost them $3000 to $4000 . . . . not chump change; but still low enough to make it economically worthwhile for them to obtain when the costs was spread over the time period that they expect to own their Cottage.

I have no idea about the local costs in Connecticut or the complexity of the surveying activity required at your Site; but that's about what it cost here in Vermont. I'm still in contact periodically with these Buyers, and could ask them (or the Surveyor involved) for specifics; but they did do a little shopping and bargaining; so it wasn't that they simply coughed up whatever some Surveyor said it would cost.

 
Hal_S's Avatar
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02-20-17, 01:04 PM   #9 (permalink)  
Has anyone done a LOMA?
Yes, as Realtor, our seller's townhouse development built on elevated fill had never been updated on FEMA maps.

Does it cost as much as a full survey?
More, the survey wasn't just 2d, e.g. lot boundries, but 3d, establishing that no part of the lot was at or below flood level.

Did you get to add anything else into the application?
Basically stating why the prior flood risk map is no longer accurate.
My case was clear, entire subdivision had been built since the maps were made. Homes were constructed on elevated fill which put them up above the regulatory flood level.

Did you get a refund for used back payments?
Nope

 
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