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Commercial Real Estate Pro Network

Commercial Real Estate Professionals who work with Investors, Buyers and Sellers of Commercial Real Estate. We discuss todays opportunities, problems & solutions in Commercial Real Estate.
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Now displaying: Page 1
Mar 4, 2016

If you are currently required to purchase Flood insurance, listen and you will like what Steve Gill with Flood Risk America has for you about how to save on Flood Insurance.   Flood is excluded from any standard property insurance policy.   Flood Insurance is a requirement of any mortgage against a property located in the 100 year Floodplain, if the property has a finished first floor is below the base elevation.    The Flood Insurance Reform Act of 2012 required that the Flood Maps be updated in an effort to address areas of repeated flooding, and provide an accurate assessment of the risk and the premium needed to make actuarially certain that premiums were adequate for the risk. This new information has placed many properties that were previously above the base floodplain elevation are now under the base floodplain.  The change in elevation is resulting in significant increases is Flood Insurance cost to the property owner. Per Steve Gill, owner of Flood Risk America, as many as 50% of the maps inspected by Flood Risk America are inaccurate regarding the building’s first finished floor elevation at the address.   When the maps are wrong, providing a Letter of Map Ammendment, LOMA, to FEMA can reduce the Flood Insurance cost as much as 80% or remove the Building from the Flood Zone. Flood Risk America charges a fee equal to 50% of the first year savings.  The savings for the property owner continue for years after a successful challenge.     SPECIAL OFFER for CREPN Listeners Steve Gill of Flood Risk offering a discount of 20% off the normal fee.  To receive your FREE analysis and 20% savings, click the link.  

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