If your home is located in a flood zone and you're trying to obtain new homeowners insurance, the company you're working with may require you to obtain flood elevation certification. To obtain this certification, your property will be inspected to determine the elevation of your home and your risk of flooding. Before you seek to obtain flood elevation certification, here are three things you should know about the certificate.
Why You Need Flood Certification
If your home is at risk of flooding, such as if the elevation of your home is low enough to be at risk of future flooding, or your home is built right in a flood zone, you'll need the flood certification before you can purchase new insurance for your home. The certification documents all the pertinent flood zone information that insurance companies will use when determining your risk.
How the Insurance Company Uses the Information
When it comes to flood zone certification, there are a number of reasons why your insurance company will require the document.
Assess Future Risk
One of the first ways that your insurance company will use the document is to asses your home's future risk of flooding. The insurance company will look at prior floods and determine how your home's elevation would have related to those floods.
Assign Appropriate Premiums
Insurance companies need to know that they're not going to lose money on your policy. They'll use the documentation to assign appropriate premiums. If your risk of flooding is determined to be significant, you'll be assigned higher premiums.
Amend Future Policies
Once you've provided flood elevation certification, your insurance company will use the information to amend future policies. If your home's risk factors increase over time, your future policies will reflect those changes.
Why You Might Not Always Need the Certification
Just because you need flood elevation certification now doesn't mean that you'll always require it. Flood zone maps receive routine updates, which will determine your need for future certificates. If the flood zone in your area changes, you may not need another certificate. It's important to note that if you decide to remodel your home or construct additional structures on your property, your current flood elevation certificate won't cover those changes. You'll need to pay for an additional certificate to cover the expansion.
If you live in a flood zone, you're going to need a flood elevation certificate. For questions and concerns about your flood certification, be sure to speak to experts, such as Crest Engineering Associates.
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