Flood Zone Correction, Inc., the nations first flood zone correction company, urges all property owners to take a moment during the new year to evaluate the flood risk of their property, correct the flood zone classification if it is wrong and to adjust their flood insurance coverage to meet their needs and budgets. Doing so creates educated flood insurance customers, improves the value of properties and saves money.
West Palm Beach, FL (PRWEB) January 20, 2005 -- Flood Zone Correction, Inc., the nations first flood zone correction company, urges all property owners to take a moment during the new year to evaluate the flood risk of their property, correct the flood zone classification if it is wrong and to adjust their flood insurance coverage to meet their needs and budgets. Doing so creates educated flood insurance customers, improves the value of properties and saves money.
In communities across the country, many residential and commercial property owners are forced to buy high risk flood insurance, when, instead, 90% or more of them are low risk and should be able to choose an amount of flood insurance coverage they want instead of an amount dictated by their mortgage companies. The mortgage companies do not evaluate all of the flood risk characteristics of a property before determining whether or not the property is in or out of a flood zone.
There is a significant inequity inherent to the National Flood Insurance Program (NFIP), which, whether intentional or not, misleads millions of property owners into thinking that their homes and buildings are at high-risk of flooding when NFIP regulations ensure that they are not," states Dan Freudenthal, president of Flood Zone Correction, Inc. Freudenthal continues, The NFIP forces its flood plain regulations on communities in exchange for making flood insurance available to the communities property owners. This is a fair trade, and it forces local communities to be proactive in mitigating losses resulting from floods."
During 2003 (the most recent NFIP statistics available), consumers and companies, including condominium associations, purchased more than 4.4 million flood insurance policies through the NFIP at a cost of nearly $2 billion. Insurance requirements imposed by mortgage companies are the basis for the vast majority of these policies and premiums.
If flood insurance customers scrutinized these requirements on the basis of claims and claim payments, theyd see a discrepancy between the $1.8 billion they annually put into the NFIP and the $490 million annual average payout that they receive in NFIP claim payments.
As consumers and companies embark on 2005 with a list of goals and high hopes, Flood Zone Correction, Inc., reminds them to add "flood risk analysis," a process that reveals whether or not there is a justification for the lenders flood insurance requirements or an indication that the flood insurance requirements should not exist.
Flood Zone Correction, Inc., headquartered in West Palm Beach, FL, is an advocate for residential and commercial building owners throughout the country, promoting fairness in the evaluation of flood risk and the imposition of flood insurance requirements. Since its founding in 2001, Flood Zone Correction, Inc, has successfully reclassified over 90 percent of the residential and commercial properties evaluated, saving clients millions of dollars and adding tens of millions of dollars to property values. For more information, visit the companys website at www.floodzonecorrection.com or call (877) Flood Zone (877-356-6396).
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