If I get a LOMA, do I still need to carry flood insurance?

No, but for several reasons we wouldn’t recommend cancelling your flood insurance policy:

  • Flood insurance is often considerably cheaper with a LOMA.
  • Lenders can still require you have flood insurance (see Mandatory Flood Insurance Requirement)
  • Federal Emergency Management Agency (FEMA) Flood levels are "minimum" expected flood levels. Across the nation, flood waters frequently exceed these minimum expected flood heights and X-zone properties have been known to experience flood significant damage/claims.
  • If you don’t have flood insurance, and your building or its contents are damaged during a flood, any FEMA disaster assistance you might be eligible for would be reduced by the amount of money you would have received from a claim if you had flood insurance coverage.
    • Presently, there’s a cap on the annual rate increase for existing policies. However, if you let a policy lapse more than 30 days or reapply for coverage, the costs escalate dramatically to the full market rate.
    • Your existing coverage might be transferable to a new buyer, if you kept the policy in effect. If you didn’t, then the costs to the buyer could be huge, and discourage them from purchasing your property.

Show All Answers

1. Is there a fee for a LOMA?
2. I have an old Elevation Certificate. Can I use this to obtain a LOMA?
3. Is there an easy way to tell if my property qualifies for a LOMA?
4. There are multiple buildings on my lot, do I need an Elevation Certificate for each building?
5. Do Elevation Certificates expire?
6. If I get a LOMA, do I still need to carry flood insurance?
7. Can I submit my LOMA Application directly to Federal Emergency Management Agency (FEMA) online?
8. I received a notice that my building may be eligible for a LOMA, but it's already in a less-expensive flood zone, so why did I get this notice?
9. How long does it take Federal Emergency Management Agency (FEMA) to process a LOMA application?