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Insurance Glossary

Letter of Map Amendment

Property

Definition

An official amendment issued by FEMA to remove a property or structure from a Special Flood Hazard Area shown on a Flood Insurance Rate Map. LOMAs are granted when elevation data demonstrates that the property is naturally at or above the Base Flood Elevation and was inadvertently included in the flood zone. The amendment does not physically change the FIRM but provides legal documentation that the property is not in the SFHA. Property owners must provide an Elevation Certificate and topographic data certified by a licensed professional. LOMA approval eliminates mandatory flood insurance requirements and can reduce insurance costs substantially. Processing typically takes 60-90 days and there is no fee for most residential properties.

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Related Terms

LOMA
Letter of Map Amendment - an official document from FEMA that removes a property from the Special Flood Hazard Area when it is shown to be at or above the Base Flood Elevation. A LOMA is issued when a property was incorrectly included in the flood zone on the Flood Insurance Rate Map due to natural grade elevation. Property owners must submit an application with elevation data certified by a licensed surveyor or engineer. Once approved, a LOMA eliminates the mandatory flood insurance requirement for federally backed mortgages and may significantly reduce insurance costs. LOMAs are permanent unless the FIRM is revised. Similar letters include LOMR (Letter of Map Revision) for map changes based on physical alterations.
FIRM
Flood Insurance Rate Map - an official map created by FEMA that shows flood risk zones, base flood elevations, and floodplain boundaries for a community. FIRMs are used to determine flood insurance requirements and premium rates under the National Flood Insurance Program. These maps identify Special Flood Hazard Areas where flood insurance is mandatory for federally backed mortgages. Property owners can use FIRMs to understand their flood risk and make informed decisions about insurance coverage and property improvements. Maps are periodically updated as flood risk data changes.
Base Flood Elevation
The computed elevation to which floodwater is anticipated to rise during a base flood (a flood with a 1% chance of occurring in any given year, also called a 100-year flood). Shown on FEMA Flood Insurance Rate Maps (FIRMs), the BFE is used to determine flood insurance premiums and building requirements. Structures built below the BFE face higher insurance costs and greater flood risk. Local building codes typically require new construction in flood zones to have the lowest floor elevated at or above the BFE. Knowing your property's BFE is crucial for flood risk assessment and insurance decisions.
Elevation Certificate
An official FEMA document that provides elevation information about a building's lowest floor and the ground elevation around the structure. Prepared by a licensed surveyor or engineer, this certificate is used to determine accurate flood insurance premium rates under the National Flood Insurance Program. Properties built at or above the Base Flood Elevation typically qualify for lower insurance rates. An Elevation Certificate may be required when purchasing flood insurance, refinancing a mortgage, or applying for a Letter of Map Amendment. The certificate is valid indefinitely unless the property or surrounding area is significantly altered.
Actual Cash Value
The repayment value for indemnification due to loss or damage of property; in most cases it is replacement cost minus depreciation.
Depreciation
The decrease in value of property over time due to wear, tear, age, or obsolescence.
Replacement Cost
The cost to replace damaged or destroyed property with new property of similar kind and quality, without deduction for depreciation.
Homeowners Insurance
Insurance coverage that protects your home and personal property against damage, theft, and liability claims.
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