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FloodInsights Adds Florida Sinkhole Report to Help Lenders Mitigate Uninsured Sinkhole Risk
Dec 5 - FloodInsights, a national provider of automated FEMA flood zone determinations to appraisers, homeowners, and mortgage and real estate professionals, has added a Florida Sinkhole report to its service. This report is based on the locations of more than 15,000 sinkhole and subsidence events in Florida.
Over the last few years sinkholes have emerged as the new costly risk in Florida due to heavy rains, massive pumping of groundwater and the creation of new buildings, streets and retention ponds. As sinkhole activity has increased, lenders have become more concerned with sinkhole risk as it affects the value of collateral. With this in mind, FloodInsights has created a commercial sinkhole report for lenders. By typing in an address or submitting a portfolio, it is now possible to get a FEMA flood report, as well as the following sinkhole information:
- Distance to closest sinkhole.
- Number of sinkholes within a ˝ mile radius.
- Number of sinkholes within a 1 mile radius.
- Sinkhole hazard map (aerial photo optional).
“Many people think that there are just a few counties in Florida that are affected by sinkholes, but sinkhole risk has been spreading geographically over the last few years," said Dan Munson, founder, FloodInsights. “With FloodInsights’ sinkhole report, it’s now possible for lenders to quickly spot sinkhole risk and alert homeowners if they need to obtain sinkhole coverage,” said Munson.
To learn more about FloodInsights Sinkhole report, portfolio pricing or to get a Florida sinkhole exposure map, please contact Hallie Benjamin at 857-246-6659 or hbenjamin(at)cdsys.com
FloodInsights is used by appraisers, homeowners and mortgage and real estate professionals to make flood hazard and Florida sinkhole determinations. This Web-based service returns the FEMA Flood Zone, Community Number, Map Panel Number, Panel Date, Census Tract, Proximity to Sinkholes and much more. For more information, visit www.FloodInsights.com.