Do elevation certificates reduce flood insurance premiums?

• Very often, flood insurance premiums are reduced through the use of elevation certificates. In the absence of the data and information provided on elevation certificates, flood insurance companies assume the worse case scenario and charge the highest rates. Many property owners elect to purchase elevation certificates for pre-FIRM homes and buildings in the high-risk flood zones to determine if the flood insurance premium rate would be lower when rated according to post-FIRM rules.  It is however in your best interest to consult your insurance agent prior to conducting an elevation certificate, also before grandfathering if you wish to do the opposite and get a post-FIRM building rated as pre-FIRM.

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The elevation certificate is used primarily:

• By insurance agents and insurance companies to determine the proper flood insurance premium rates for individuals and businesses purchasing flood insurance polices through the NFIP.

• By property owners to support a request to FEMA for a Letter Of Map Revision (LOMR) to remove a home or building from a Special Flood Hazard Area (SFHA).

• By local building officials during the development process to ensure that all newly constructed homes and buildings comply with community floodplain management ordinances, which are based upon federal floodplain regulations set by FEMA.

• By federally regulated lending institutions, and their flood zone determination vendors, to correct geographic errors made during the standard flood zone determination process.

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What is an Elevation Certificate?

The elevation certificate is an important administrative tool for the National Flood Insurance Program (NFIP) and an important risk management tool for property owners with buildings currently classified within FEMA designated Special Flood Hazard Areas (SFHA). It provides information on elevation, building type, flood map location, and additional information used to determine the proper flood insurance premium rates.  It is also used to support a request for a Letter Of Map Amendment (LOMA) or Letter Of Map Revision (LOMR), and to ensure compliance with community floodplain management ordinances.
An elevation certificate measures the difference in elevation between your home and the base flood elevation of your area.  It is required in order to properly rate post-FIRM buildings, which are buildings constructed after the publication of the first Flood Insurance Rate Map (FIRM) in a particular community, in zones A1-A30, AE, AH, A (with BFE), VE, V1-V30, V (with BFE), AR, AR/A, AR/AE, AR/A1-A30, AR/AH, and AR/AO.  However, an elevation certificate is not required to buy flood coverage for pre-FIRM buildings unless the property owner or insurance agent wants to rate the buildings under the post-FIRM flood insurance rules to determine if the premium rate would be lower.
The elevation certificate must be signed and sealed by a land surveyor, engineer or architect authorized by law to certify such information. Most elevation certificates are prepared by surveyors licensed by the state in which the subject property is located.

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