W Things Change: USE A COMPANY THAT KEEPS UP WITH THAT CHANGE BY ROD LASLEY, INDIANA BANKERS ASSOCIATION With the recent changes to Indiana’s flood maps, it is important to have the peace of mind that your real estate loans have the appropriate flood insurance coverage. Using a flood determination provider that stays on top of all map changes is imperative, providing you with the confidence that your collateral is properly insured. There is no room for errors when it comes to flood determinations and insurance. For example, if a structure is close to the 100-year floodplain, does the system default to the conservative answer that flood insurance is required? What if that is not the correct answer? Many companies are using fully automated systems in which the potential for error is significant. Computers often accept approximate locations as real locations, thereby pushing the source material far beyond its real level of accuracy. Their guess becomes your liability and your customer’s headache. If you have been burned by automated inaccuracies, poor customer service or any flood zone issues regarding your real estate transactions, Floodplain Consultants Inc. is a quality solution to consider. FCI has been providing what many consider to be industry-leading accuracy and customer care since 1991. With their headquarters here in Indiana, FCI serves more than 300 lenders with flood zone determinations, census tract analysis, floodplain management and life-of-loan services. A longtime Preferred Service Provider of the Indiana Bankers Association, Floodplain Consultants is active with the IBA and currently serves over 60 Indiana banks. A unique quality that sets FCI apart from competitors is that if there is any kind of question regarding the location of a structure in relation to a Special Flood Hazard Area, FCI has the ability to do a site inspection with its own personnel – no subcontracting! Its team gathers all the needed information to provide the most accurate determination. On the other hand, if there is no question about the structure or property, then the determination is usually completed within 24 hours and back to the lender. FCI also provides life-of-loan services as part of the determination process. This gives the lender the peace of mind to know that if a Special Flood Hazard Area changes and it affects a property that has been reviewed, the lender will be notified so flood insurance can be obtained. It goes without saying that your collateral’s flood zone should be properly designated so there are no worries about whether your collateral will be destroyed with no coverage during the next catastrophic event. Customer service is a huge factor for FCI. If at any time a lender or borrower has questions or would like guidance on procedures or available options, the FCI team is happy to provide assistance over the phone or in person. FCI professionals have met with builders, developers and real estate agents at the request of banks to head off potential floodplain issues before projects have begun. All these services are provided at no extra charge. Another area of service is the availability of the borrower to have FCI rate a structure to ensure the flood insurance premium being quoted by an insurance agent is accurate. PRODUCT & SERVICES PROFILE 48 HOOSIERBANKER
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