Is your home in a flood zone? If so, you may need an Elevation Certificate to reduce your flood insurance premium. A flood is an overflow of water, or rising water, that overtakes land that is usually dry. So, knowing your home’s elevation compared to the estimated height that floodwaters could reach will assist your insurance agency with determining your flood risk, as well as the cost of your flood insurance.
With an Elevation Certificate, you will have a document that has been prepared by an Elevation Company that will inform you of the elevation of your home in reference to the Base Flood Elevation. So, seeing as the Base Flood Elevation is the level at which flood waters will top out during a flood, you will be able to know if the water levels will rise enough to put your home in danger, and if you will be required to get flood insurance.
Have you questioned getting an Elevation Certificate of your own? If not, you will certainly want to consider doing so! That’s why, here at Kim Holland Homes, as Massapequa realtors, we have gathered some information about Elevation Certificates, to assist you with knowing why they are so important. So, if you are all set to take in some helpful insight, be sure to read on:
- How Your Elevation Certificate Will Be Used. If your home is in an area that is considered to be high-risk for flooding, you will want to use your Elevation Certificate to get an accurate flood insurance quote from your insurance agent. Your insurance agent will use your Elevation Certificate to compare your property’s elevation to the base flood elevation shown on the map being used for rating, therefore determining the cost to cover your flood risk.
- Benefits of Having an Elevation Certificate. An Elevation Certificate is not always mandatory. However, obtaining one is worth the effort, as it will provide you with valuable information about your property, which in return could help to lower your flood insurance premium. If the Elevation Certificate proves that the lowest floor of your home clears the Base Flood Elevation level, you may qualify for a lower rate. In fact, studies show that by possessing an Elevation Certificate, annual premium rates could be lowered by 32%!
- How to Obtain an Elevation Certificate. Obtaining an Elevation Certificate is actually quite easy, as all you must do is hire a professional to certify the elevation information for your property, and to complete the document.
- The Cost of an Elevation Certificate. First off, you will want to discover if an Elevation Certificate already exists for your property. Therefore, you will want to contact your local flood insurance provider to see if a document may already be intact. If not, you will have to hire a professional local land surveyor to certify the elevation information for your property. Some Elevation Certificates are said to cost around $600-$1000. However, the overall price and the process in general will widely depend on the structure of your property, as well as your location.
Being prepared is certainly of importance! These are just a few reasons as to why you should consider getting an Elevation Certificate of your own.