For those who have been in the business for more than five years, you are no stranger to the situation we are about to face regarding the crisis that the National Flood Insurance Program (NFIP) is facing. Prior to the previous five year commitment, we faced several years of short term extensions and now we are right back where we started with an abreviated extension of the current program which will cease on December 8th, 2017.
We were just starting to assess the damages left behind by Hurricane Harvey at the time that President Trump signed legislation extending the NFIP until December 8th. Part of the legislation included ear marking $7.8 billion specifically for the use of disaster relief and rebuilding in the wake of Harvey. Hurricane Irma had yet to be addressed. Click here to read the entire article.
FLood Insurance is offered through the National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA). This federal program offers flood insurance, which can be purchased from more than 80 private insurance companies.
Part 1 of 2
FIRM is an acronym for Flood Insurance Rate Map. A FIRM is used by a multitude of professions who can benefit from the information that the map provides. Those who use FIRMs include professional Land Surveyors, Engineers, Insurance Agents, Community Officials, and individuals in the Mortgage Industry. The FIRM provides information regarding communities, the land located within those communities, and where the areas occur in which there is a risk of being flooded. There are six main items contained in a FIRM. Here are the first three to become familiar with that will help you fully understand a Flood Insurance Rate Map.
FIRM is an acronym for Flood Insurance Rate Map. In Part 1 we discussed Physical Features, Legends and Benchmarks. Next we will explore 3 more areas to be familiar with: Special Flood Hazard Areas (SFHA), Base Flood Elevation (BFE), and Community Information.
A Flood Insurance Rate Map (FIRM) can be an invaluable asset when looking for information regarding the location of flood zones. These maps depict and show where the water sources in a community are located, along with where it is projected that the water will go in the event of a flood. They are fairly easy to read, assuming that you are familiar with their shading system. Here’s what the shading means.
Elevation certifcates are completely different products. Here's a quick comparison of some of the major differences:
An Elevation Certificate (EC) is a form that was developed by FEMA (Federal Emergency Management Agency). Its purpose is to act as the official record to document the elevation of a building. The form must be completed by a professional land surveyor or engineer.
If you own your house outright, then the choice is yours. If you have a mortgage or a home equity loan on your house, it is likely be required by your lender. While it may seem easy to determine whether a property is in the flood zone or not in the flood zone, just looking at a map doesn’t always answer the question. If the property is not located near an area of risk, then according to the FIRM (Flood Insurance Rate Map), in most cases, your lender will not require you to carry flood insurance.
An Elevation Certificate (EC) contains a wealth of information regarding a property and its risk of being flooded. The EC is performed by a Professional Land Surveyor or Engineer. This article further discusses the second half of the EC, please refer to the image below.Click here to view Part One
An Elevation Certificate (EC) doesn’t have an expiration date per say, but there are some factors that do play a role in determining if an EC is still “good”.
t’s pretty easy to hire a Land Surveyor to perform and Elevation Certificate (EC) for you. But before you spend your hard earned money to have one performed, consider exploring one these options to find out if a EC has already been done on the property.
When a licensed Professional Land Surveyor or Engineer are hired to perform an Elevation Certificate (EC), they are providing data which will determine if the structure located on the lot is at risk of flooding. If the EC results are favorable and the structure is located above the Base Flood Elevation (BFE), then a Letter of Map Amendment (LOMA) requesting that FEMA remove the property from the flood zone can be filed. There are 3 options for filing the form:
The purpose of the Elevation Certificate is to determine if a property is in the flood zone or is at risk of flooding. Professional Land Surveyors and Engineers are able to provide the services needed to complete an Elevation Certificate (EC). The cost for these services can range anywhere from $650 to thousands of dollars. Here are a few key factors a Land Surveyor considers when determining the cost.
Why did I get a notice stating that I have to buy flood insurance?
You’ve owned your home for 20 years, and you’ve never been required to have flood insurance on your property. So why did you get a letter saying that you are required to have flood insurance?