Elevation Certificates for Flood Insurance

Elevation Certificates for Flood Insurance

It is important to have your property insured properly. This includes obtaining flood insurance.For those who have tried to get flood  insurance in the past, you may have heard the term ‘elevation certificate’ mentioned before. You may have even had to deal with obtaining  one. If this is an issue that is unfamiliar it can be a very important aspect to investigate when trying to buy a new home or refinance  your current home loan. Understanding what an elevation certificate is, the time and expense needed to obtain one and how to get one may  mean the difference between a smooth home buying experience and more stress.

Elevation Certificates for Flood Insurance – What are they?

Whether you are required by a lender to obtain flood insurance or are being diligent in protecting your property it may be necessary to  obtain an elevation certificate. These forms provide elevation information on a particular property that will allow the National Flood Insuance Program to determine the proper premium rate, support a request for amending the current flood map rating or comply with floodplain  management ordinances. They also allow for your insurance agent/broker to obtain a proper quote and policy for your property. After a disaster an elevation certificate can also help you make important decision on rebuilding and preventing another loss.

Elevation Certificates for Flood Insurance – How to Get One

Obtaining an elevation certificate can be done through a couple of methods. The first and most convenient option is to inquire with your local municipal government to see if they have any record of the elevation for your property. If there is already information on file you can use it towards obtaining coverage. If there is no public information in existence you may need to hire a state-licensed surveyor, architect or engineer to complete and elevation certificate.

Elevation Certificates for Flood Insurance – How long it may take and how much

If you find it neccesary to hire someone to create an elevation certificate it is best to do your research and be patient. Depending on the location and difficulty of the job a surveyor can cost anywhere from several hundred to a couple thousand dollars. It may take a couple weeks before the job may be done as well. It is best to contact several possible surveyors to see what the job may cost a and how soon they
an complete the certificate.

Elevation Certificates for Flood Insurance

Contact your agent or broker and get the ball rolling if you suspect that flood insurance may be required on your property. They can assist you in determining what steps will be necessary to properly insure your property against floods and help determine if an elevation certificate is necessary, thus making the process of buying or refinancing the most pleasurable and smooth a process as possible.

All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.

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