If you've been told that you need to obtain a flood elevation certificate, don't ignore this request. It's definitely something you need to take seriously. A request for a flood elevation certificate is the result of an elevated flood risk on the property that you own. Learn more about this request and why it's so important.
The Importance of Elevation Certificates
As previously mentioned, elevation certificates are used to identify properties in high-flood-risk areas. Insurance companies use these certificates to categorize just how at-risk your home is for flooding, as every home in a flood zone is not at equal risk.
During the process, a certifying professional will compare the elevation of your home to the projected height of any floodwaters that are likely to circulate the area. Based on the findings of the certification process, the insurance company will then formulate a premium that is considered in line with the risk potential of the property. Typically, the greater the distance between the property's height and the floodwater, the better. As a general guideline, any person who wants to insure their property, whether it is commercial or residential, needs to complete this step.
The Absence of a Certification
If an insurance company requests an elevation certification and you do not provide it, it's not to say that they won't still issue you an insurance policy. It's possible that your policy will cover you for events like burglary or vandalism, but not for floods. One of the worst scenarios you can find yourself in is to discover that you don't have flood protection after a flood has occurred. Obtaining this certificate is an essential step for fully protecting your property.
Updating the Certificate
A major mistake that some property owners make is that they forget to update their certificate when they make changes to their home. For example, assume you decided to add an additional floor to your home. As a result of this construction, the elevation of your home would increase, which would likely put your home in a lower risk zone, which could ultimately lower your premium. Any time you make any structural changes to your property that affects its height, you need to have your certification updated.
Make sure you don't take your time in obtaining this certificate, as the protection of your property weighs heavily on you obtaining this information. Contact a professional to obtain flood elevation certificates.