Western Technologies Group (WTG) is dedicated to being a reliable and consistent resource for our clients which include banks and realtors nationwide. We strive to offer the most up-to-date, accurate flood-related information and support in the industry, and we do our best to make sure that any information we give is as simple to understand as possible. One of the cornerstones of our company is the Flood Determination. Understanding it will offer valuable insight into our company, why we are the industry leader, and how this product is a valuable tool for you and your clients.
What is a Flood Determination?
A flood determination is a report that provides information about a specific property or structure. It confirms where an insurable structure (home, office building, warehouse, etc.) sits with regard to the flood zone. This document is referred to as the Standard Flood Hazard Determination Form, or SFHDF.
What is it used for?
The National Flood Insurance Program (NFIP) identifies the zones of flood risk and dictates the standards for flood insurance coverage. If your property includes an insurable structure that falls within a specific high-risk flood zone area, called a Special Flood Hazard Area (SFHA), you are required to carry flood insurance if you are obtaining a mortgage from a federally backed lender.
Hundreds of thousands of homeowners’ properties have been misidentified and rated incorrectly, costing them tens of thousands of dollars per year.
How do WTG Flood Determinations differ from the industry?
Other companies claim to offer reliable determinations, but upon examining the fine print on their reports, you’ll find that they’re not insured, have accuracy limitations, and do not protect you with regard to liability.
WTG’s flood determinations (offered at MyFloodStatus.com) are completely insured and move all risk and liability away from you. We also utilize the most accurate technology available providing you with the most accurate visual verification of where the flood zone falls with regard to your property or structures. The report includes:
- The FEMA SFHDF – this identifies the flood zone and states whether flood insurance is required under NFIP rules.
- Visual Verification Map – A visual interpretation of how the determination was made.This overlay identifies the subject property in real space in conjunction with the effective flood insurance rate map.
- Advisory/Preliminary maps – (when available) which give the property owner a ‘heads up’ to possible future changes to their flood zone.
- Access to the Flood Resource Center – staffed by multiple Certified Floodplain Managers who routinely help our clients from start to finish with flood related issues should you have questions about a property or report beyond what the Flood Determination dictates.
How do I read a Flood Determination?
There are many components found on a WTG flood determination. Our goal, as a company and of this blog, is to make them as easy to follow as possible. Listed below are the pertinent sections located on a standard flood determination form and how to interpret them.
- Box A: The National Flood Insurance Program (NFIP) Community Information including community name, county name and NFIP community number
- Box B: NFIP community panel, including the effective date and flood zone. (Remember all properties are in a flood zone, but not all properties are in a Special Flood Hazard Area (SFHA).
- Box D: Perhaps the most important box. It indicates whether flood insurance is required. The flood insurance requirement can only be imposed on an insurable structure. If there is no structure, then no insurance is required regardless of what zone you are in.
- Box E: Comments made by the preparer of the SFHDF. WTG may place information here that pertains to the report itself.
Should you have questions about a property or report beyond what the Flood Determination dictates, our expert staff is here to help. Our tools and resources can help you be the most educated on a potential property sale, can help protect you and your clients, examine avenues for mitigation, seek a LOMA (Letter of Map Amendment), and can also help you market low-risk properties that reside in high-risk areas.