State floodplain manager – find yours hereĪs described above, authorized land surveyors, engineers, and architects may be hired to perform the necessary measurements, although if an existing elevation certificate can be tracked down, it may save your client the additional cost.ĮZ Flood doesn’t require an elevation certificateĪon Edge offers EZ Flood as an alternative to the NFIP, and our product is unaffected by Risk Rating 2.0. Your client can check for an existing elevation certificate with the: Where do you get an elevation certificate? Insurance agents are responsible for determining the best rate and coverage for their clients, so this is a vital step that must be done every year. Should your client choose to obtain an Elevation Certificate, each year at the time of renewal, review the rate they would get utilizing the certificate. However, if an elevation certificate presents more favorable measurements, then a lower insurance rate may apply. Remember that Risk Rating 2.0 utilizes a number of data sources to determine a home’s elevation relative to the Base Flood Elevation. Your client can submit an elevation certificate to you in order to request consideration for a lower NFIP rate. While no longer necessary to purchase an NFIP policy, an elevation certificate may, in some circumstances, help to lower your client’s flood insurance premium.Įlevation certificates can lower flood insurance rates? Because Risk Rating 2.0 considers rebuilding costs, FEMA can equitably distribute premiums across all policyholders based on home value and a property’s unique flood risk. FEMA states that this is meant to be a more equitable approach to pricing flood insurance:Ĭurrently, policyholders with lower-valued homes are paying more than their share of the risk while policyholders with higher-valued homes are paying less than their share of the risk. Private sector data sets, catastrophe models, and evolving actuarial science now figure into the equation, along with the estimated cost to rebuild a structure. Previously, the elevation certificate, supplied by the property owner, was the primary tool for determining the NFIP premium. Why does Risk Rating 2.0 no longer require elevation certificates?įEMA now utilizes several factors, including third-party data sources, to determine a home’s flood risk. An area’s likelihood of flooding is captured in its flood zone designation, which is determined by a separate analysis. Essentially, the elevation certificate is a way to measure a building’s propensity for flood damage, based on the expected level of potential flood waters. Lowest and highest adjacent grades next to the buildingĪll of these measurements are considered in respect to the Base Flood Elevation (BFE), which is defined as the elevation of surface water that has a 1% chance of equaling or exceeding that level in a given year. Lowest elevation of machinery serving the building They will take vertical measurements of a structure and property, including: It is to be completed by “a land surveyor, engineer, or architect who is authorized by law to certify elevation information”. However, this optional document may still serve a purpose for your clients who are looking for a way to reduce their flood insurance premiums.Īn elevation certificate is an official document used to certify specific elevation measurements for a property. Under Risk Rating 2.0, an elevation certificate is no longer required to obtain flood insurance through FEMA’s National Flood Insurance Program (NFIP).
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