If your home or business is at risk of flooding, or if your property rests in a designated flood zone, an elevation certificate can help you get the insurance coverage for the right price!
Federal law can require lenders to issue flood insurance. According to the Biggerts-Waters Act of 2012, all properties that lie in a Special Flood Hazard Area (Zone A, AO, AH, A1-30, AE, A99, AE, AR.A1-30, AR/AE, AR/AO, AR/AH, AR/A. VO. V1-30, VE, and V) are considered to be in an area of high-risk for flooding. As a result, all federally regulated or insured lenders are required to issue flood insurance to all properties that rest in these designated Special Flood Hazard Areas. Even if you are not in a high risk area, you may still be exposed to the risk of flooding. According to the Federal Emergency Management Agency (FEMA), “people outside of mapped high-risk flood areas file nearly 25% of all National Flood Insurance Program flood insurance claims and receive one-third of Federal Disaster Assistance for flood.” Lenders can require flood insurance even if your property is not located in a high risk area. In order to get a proper rate for flood insurance, an elevation certificate is advised. A Flood elevation certificate can reduce insurance rates below the original quote. The elevation certificate includes items relating to the height of the grade next to the building, the building floor heights and the utilities servicing the building. In the event that you feel you have been placed in the wrong flood zone based on the natural (no-fill) topography of your property, you can submit a LOMA (Letter of Map Amendment) or E-LOMA. This process can move you out of high-risk areas where flood insurance rates are high and into areas with reduced insurance premiums. A flood elevation certificate must be completed by a licensed land surveyor. Using GPS equipment and/or an established benchmark (a National Geodetic Survey or National Oceanic and Atmospheric Administration monument with a published elevation), the elevations of the lowest floors (crawl space, basement) of the building as well as the ground next to the building and it’s utilities are observed. These observations along with applicable digital pictures are taken and submitted in the FEMA elevation certificate report. The elevation certificate is submitted in written or electronic form to the relevant parties (owner, bank, or insurance company). For further information please contact us at: or via phone at (973) 778-0010 Ext. 1