Fprservices, Inc

Description

Flood Premium Reduction Services was founded by Lexi O'Leary in 1999, based on her experience of successfully removing a structure from a SFHA (Special Flood Hazard Area) with a LOMA (Letter Of Map Amendment) issued by FEMA (Federal Emergency Management Agency). The focus of FPRS was to ease the "burden of proof" that is on the borrowers, if they believe there is a mistake in their determination, or if they dispute the amount of flood insurance required by their lender. FEMA governs the NFIP's (National Flood Insurance Program) Mandatory Purchase Requirements including the requirement of lenders to ensure flood insurance is placed on the structure, prior to closing the loan. Without an elevation certificate, insurers are unable to accurately quote an insurance premium so it stands to reason they would err on the side of caution, which causes unnecessarily higher premiums. If the borrower believes their structure should not be in the SFHA, FEMA is the only agency which can lift a structure by means of a LOMA. The process by which FEMA issues a LOMA includes submission of an Elevation Certificate plus adequate supporting data as evidence to reduce or eliminate the required flood insurance. FPRS has discovered that 2/3rds of the borrowers in SFHAs nationwide pay an inappropriate amount of flood insurance. Of those, one half are paying an inflated amount and the other half should not be required to pay at all...

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