When building your structure, you might wonder if you need a Flood Elevation Certificate. If you live in a high-risk area, you just might. Having an elevation certificate will enable you to get flood insurance which will help mitigate the cost of any damages incurred from flooding. And while hopefully, you will never need to use flood insurance, it is always better to have it and not need it than to need it and not have it.
You are not always required to obtain a Flood Elevation Certificate. However, it is required if you meet all of the three following criteria. First, your lender is federally regulated or insured. Secondly, your structure is in a Special Flood Hazard Zone as determined by FEMA. And lastly, you are being insured by a National Flood Insurance Program policy. The National Flood Insurance Program (NFIP) requires you to provide an elevation certificate when purchasing flood insurance. The certificate provides important information such as:
- Flood zone and location-the NFIP has assessed different areas for their risk for flooding.
- Building features-these are structural characteristics such as basements and garages.
- Elevation of the lowest level-the lowest floor of your structure is the most susceptible to flooding.
The information provided is used to determine the probability of your structure becoming flooded during certain acts of nature. In turn, that same information is used to factor your insurance premiums in the unlikely event that floodwaters should reach your first floor.
It is required that the structure you are building, if within FEMA’s Special Flood Hazard Areas (SFHA), is adequately elevated. Your elevation certificate can be used to show compliance with the floodplain management ordinance.
The Flood Elevation Certificate can be helpful in several cases, so it is beneficial to have one when building a property near high-risk areas. We can assist you with obtaining a Flood Elevation Certificate to ease the process of insuring your property against flood damage. Call or email us to get started today.
