Flood Map Revision Service Reduces Annual Flood Insurance Premiums by 97.5{b73b969d192d8eafaea0090998e86317c7e4c69160e33071b50feed6bdb2d318} – Coastal Condominiums, Florida

Our client, a 48-unit condominium association with four luxury condominium buildings located on the beach in Saint Lucie County, Florida, asked us for help determining the true flood risk for their condominium buildings in an attempt to reduce their flood insurance costs. According to the Flood Insurance Rate Map (FIRM) issued by FEMA for Saint Lucie County that was in effect at the time of this project, the condominium  buildings were designated within a VE flood zone, which is a coastal high hazard zone where the annual flood insurance premium was $101,557.

We leveraged the specialized expertise of our coastal engineering team to perform a detailed flood study to determine the impact of a 100-year flood event would have on the client’s parcel of land and the insured buildings. The results of the new study indicated that the flood zones and base flood elevations shown on the FIRM were wrong and overstated the flood risk of the insured buildings. We worked with FEMA to revise the flood study and FIRM to reflect the correct flood zones and base flood elevations for the association’s entire parcel of land. As a result, the insured buildings are now correctly designated in AE and X zones.

As a result of our Flood Map Revision service, we delivered $99,023 of annual savings and reduced client’s annual flood premiums by 97.5{b73b969d192d8eafaea0090998e86317c7e4c69160e33071b50feed6bdb2d318}.

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