(October 29, 2004 – West Palm Beach, FL) – As all eyes focus on Florida voting, Flood Zone Correction, Inc. the nation’s first flood zone correction company, recommends scrutiny of Florida’s high-risk flood zone designations and urges all property owners to exercise both their civic and consumer rights.
Florida property owners maintain approximately 40% of all flood insurance policies and pay over 32% of all flood insurance premiums in the nation, according to statistics provided by the Federal Emergency Management Agency (FEMA), the federal agency that administers the National Flood Insurance Program (NFIP).
In 2003 (the most recent year for which figures are available), Florida property owners purchased over 1.8 million flood insurance policies through the NFIP at a cost of more than $616 million. Over the 25-year period (1978-2003) tracked by FEMA, Florida’s yearly claim payments average $61 million. That’s 10 cents back on every dollar of flood insurance premium paid and a big discrepancy between what Florida puts into the NFIP and what Florida receives from the NFIP.
“About ninety cents of every dollar of premium paid by Florida property owners goes to pay flood claims in other parts of the country and that’s just not fair,” states Dan Freudenthal, president of Flood Zone Correction, Inc. “I urge Floridians to stop subsidizing the claims of other property owners in other parts of the country. FEMA should force the owners of repetitive loss properties and other truly high-risk properties to pay much higher premiums, since the statistics show that over 30% of the claim payouts every year go to only 1% of policyholders.”
Freudenthal continues “Once every four years, Americans have the power to choose a president, but, 365 days a year, American property owners have the power and the right to understand a property’s true flood risk, to correct the flood zone classification if it is wrong and to adjust the flood insurance coverage to match the true flood risk, saving money long term and improving the value of the property.”
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 company’s website at www.floodzonecorrection.com or call (877) Flood Zone (877-356-6396).
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