Frequently Asked Questions?

Q: My lender is telling me I have to purchase flood insurance. I've lived in my house for years and haven't been asked this before. Why now?

A: Your lender is abiding by federal law that states that any federally backed lender must require the purchase of flood insurance if your house or structure is identified in a FEMA special flood hazard area lenders have tools available to them now they didn't have before and can more easily identify if a house or structure is indeed in a special flood hazard area. Couple this technology with females nationwide update of their maps, and natural disasters such as Katrina, More properties are identified in a special flood hazard area.

Q: How much does it cost to remove my house or structure from a special flood hazard area?

A: There are many different scenarios that will affect the cost for you. Dry land looks at your situation on an individual basis to come up with the most cost effective approach for you. In most instances, your fee will be about 1 years flood insurance premium. Please keep in mind that you may be eligible to receive a refund of flood insurance premiums paid for the year you paid them. Dryland can assist you in their process at no extra cost.

Q: Are there any guarantees that my home, structure or property will be removed from the special flood hazard area?

A: Dryland guarantees FEMA will remove your home structure or property from the special flood hazard area or dry land will give you your money back. Please keep in mind, there are instances your home or structure is indeed in a special flood hazard area. If this is the case, then dry land will not charge you for any services provided.

Q: If FEMA remove me from a special flood hazard area, is there any chance my lender will still require flood insurance?

A: Lenders always hold the right to require flood insurance despite FEMA's determination. The fact is flooding is the number one natural disaster in the US just because you may be identified outside of a special flood hazard area as identified by FEMA, doesn't mean your house is not at risk for flooding. But in most cases your lender will accept FEMA's determination and reclassify your flood risk accordingly.

Questions and Answers

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