For Immediate Release
Contact: Gay O’Brien
561/616-8443, ext. 119
gobrien@floodzonecorrection.com
Flood Zone Correction, Inc. Marks Fifth Anniversary
Company Saves Property Owners More than $12 Million & Issues Top Five Recommendations for NFIP Reform
(October 19, 2006 – West Palm Beach, FL) - Flood Zone Correction, Inc. (FZC), the nation’s first flood zone correction company, commemorates its fifth anniversary and celebrates saving $12 million in unwarranted flood insurance expenses for commercial and residential property owners, as well as, condominium associations throughout the United States. FZC’s success illustrates both the benefits of flood risk awareness and disparities in the National Flood Insurance Program (NFIP), administered by FEMA.
Flood Zone Correction, Inc., founded in 2001 by Dan Freudenthal, president, began as a risk management consultancy service for commercial building owners located primarily in the state of Florida. During FZC’s first year of operation, the company corrected the flood zone designations of The Sawgrass Mall, The Falls Shopping Center, The Dadeland Mall, The Broward Mall, The Enclave at Miramar, Pelican Landing, Whistler’s Cove, Palm Beach Community College Housing and more, saving the owners millions of dollars in insurance expenses and increasing the properties’ real estate values.
FZC’s early work revealed that nine out of ten buildings evaluated were in the wrong flood zone and, in 2003, expanded to serve commercial building owners throughout the United States, as well as, owners of single-family homes. As of September 2006, Flood Zone Correction, Inc. clients own and/or operate well over 2 million multifamily units and over one thousand shopping malls, retail plazas, office buildings and industrial properties, as well as single family homes, town homes and condominiums.
“Saving property owners money in unwarranted flood insurance expenses goes hand in hand with FZC’s calls for accuracy in the evaluation of flood risk and fairness in the imposition of flood insurance requirements,” states Dan Freudenthal. He continues, “Until the NFIP is fair to all property owners in all flood risk categories, we will continue to push for reform and will continue to empower property owners to question their flood zone designations.”
In recognition of its fifth anniversary, Flood Zone Correction, Inc. presents its “Top Five NFIP Reform Recommendations”:
1. Raise the standards. Flood zone determinations must reflect relevant characteristics of individual structures and flood maps must reflect current topographic conditions. FEMA’s Map Modernization Program seeks to digitize 100,000 flood maps without actually updating all of them. The failure to incorporate current conditions will not only prolong erroneous high-risk designations, but also erroneous low-risk designations that result in approximately 25% of all flood claims
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