9/27/14

Has your bank required you to purchase flood insurance?

It has come to the board's attention that the shoreline properties on Canobie Lake are in FEMA's “Special Flood Hazard Area” (SFHA) (http://map1.msc.fema.gov/idms/IntraView.cgi?KEY=88421589&IFIT=1)  This means that your property is included in the National Flood Insurance Program (NFIP).

As a result, if you were to apply for a mortgage or loan using your property as collateral you would be required to purchase flood insurance. 

We have done some research and found that at least 20 Canobie lakefront property owners have applied and been granted a “Letter of Map Amendment determination Document (Removal)”.  Essentially this removes the structure of their house and any other structures that can be shown to be at an elevation greater than (for Canobie Lake) 221 feet.  Thus eliminating the requirement to purchase flood insurance.

 The application process consists of filing proof that your structure is above the “1% Annual Chance Flood Elevation (NGVD29) “ which is 221 feet on Canobie Lake.  Anyone can apply on line at (http://www.fema.gov) .  However, it has been recommended that a certified surveyor be hired to document the elevation and file the application.  One quote received from a local surveyor for this service is $750.  This seems like a good investment in insuring that no flood insurance premiums will have to be paid for years!