What Does a LOMA Cost?
If you’re looking at or working with a property located in a FEMA Special Flood Hazard Area (SFHA), that seems eligible for removal from the high-risk zone via a LOMA, you might be wondering: What does a LOMA cost?
The answer depends on the type of Letter of Map Amendment (LOMA) your property qualifies for. While there is a cost to preparing and submitting a LOMA request, the potential savings could be substantial if the LOMA removes the structure from the high-risk flood zone, therefore eliminating its requirement for flood insurance.
For homeowners, buyers, sellers, real estate professionals, and investors, understanding the LOMA process can help avoid unnecessary insurance expenses, and help transactions proceed forward smoothly.
What Is a LOMA?
A Letter of Map Amendment (LOMA) is an official determination that removes an individual property or structure from FEMA's Special Flood Hazard Area when technical mapping and elevation data demonstrate that the structure is naturally above the Base Flood Elevation (BFE).
In many cases, FEMA's flood maps are accurate on a broad scale but cannot account for every home's exact elevation. As a result, some structures are shown within a high-risk flood zone even though they sit on naturally higher ground.
When a property qualifies, a LOMA officially updates FEMA's determination for that specific structure.
Why Would Someone Need a LOMA?
A LOMA can benefit property owners in several ways:
Eliminate the federal requirement to carry flood insurance.
Reduce annual insurance costs.
Increase buyer confidence during a real estate transaction.
Help lenders verify the property's true flood risk.
Improve a property's marketability.
For buyers and investors, obtaining a LOMA can also provide greater certainty before closing, helping avoid unexpected insurance costs after purchasing the property.
What Does a LOMA Cost?
The cost depends on the type of LOMA service your property qualifies for.
Online LOMA — $150
An Online LOMA costs $150.
This option is ideal for many qualifying properties and includes the preparation and submission of the required documentation for FEMA review.
Typical processing times are generally 30 to 60 days, depending on FEMA's review schedule and whether additional information is needed.
eLOMA — $400
An eLOMA costs $400.
An eLOMA (Electronic Letter of Map Amendment) is available only for properties that meet FEMA's eligibility requirements and have the necessary survey information available.
Because qualified requests are processed electronically, many property owners receive results much faster than through the standard review process.
While not every property qualifies for an eLOMA, it can be an excellent option when speed is important, such as during a pending real estate transaction.
Is a LOMA Worth the Cost?
For many property owners, the answer is yes.
Although every situation is different, mandatory flood insurance can cost hundreds—or even thousands—of dollars per year depending on the property's location, lender requirements, and insurance coverage.
If a successful LOMA removes your structure from the Special Flood Hazard Area, the long-term savings may far exceed the cost of obtaining the determination.
In addition to potential insurance savings, having a LOMA in place before listing or purchasing a property can simplify negotiations and reduce delays during closing.
Why Work With Certified Floodplain Managers?
Preparing a successful LOMA requires more than simply filling out forms.
Flood mapping, elevation data, FEMA regulations, and survey documentation all play an important role in determining whether a property qualifies.
Working with Certified Floodplain Managers (CFMs) provides confidence that your property is being evaluated by professionals who understand FEMA mapping, floodplain regulations, and the technical requirements involved in the amendment process.
Experienced floodplain specialists can:
Review your property's flood zone status.
Determine whether a LOMA or eLOMA may be appropriate.
Verify the required elevation and survey documentation.
Prepare and submit the necessary materials.
Help answer questions throughout the process.
This expertise can save valuable time and help avoid unnecessary delays or incomplete submissions.
Who Should Consider a LOMA?
A LOMA may be worth exploring if you are:
A homeowner paying for required flood insurance.
Buying a home located in a high-risk flood zone.
Selling a property where flood insurance is affecting buyers.
A Realtor helping clients navigate flood zone concerns.
A lender seeking accurate flood determinations.
A real estate investor evaluating acquisition costs.
Even if a property appears to be in a high-risk flood zone on FEMA's map, it may still qualify for removal if the structure sits on naturally higher ground. Securing an Elevation Certificate (EC) is a step toward proving the elevation of a structure, and submitting for removal officially via the LOMA process.
Learn Whether Your Property May Qualify
If you're wondering what does a LOMA cost, the answer is straightforward: $150 for an Online LOMA or $400 for an eLOMA, depending on your property's eligibility.
The more important question may be how much you could save if your structure is successfully removed from a high-risk flood zone.
If you believe your property may qualify, a professional review by our team of Certified Floodplain Managers (CFMs) can help determine the best path forward. Contact Us to ask any questions or get started.
