Do I need an Elevation Certificate?
- If your Mortgage Lender or Insurance Company has required to have one performed, yes.
- If you are selling your property, it will assist in clearing up any questions a potential buyer may have regarding future flood insurance costs related to the property.
- If you are considering purchasing a property financed by a lender, it would help ascertain future costs that may be associated with ownership.
-If you are considering refinancing a property that has no flood insurance at the moment (in the absence of a Mortgage loan), an Elevation Certificate will help determine what costs Flood Insurance you may incur after the funds are borrowed.
Will an Elevation Certificate automatically lower my insurance rates?
- Insurance rates are rising and will continue to rise on many properties until an Elevation Certificate is done. Insurance agents are unlikely to issue a quote on properties in a Special Flood Hazard Zone without an Elevation Certificate.
Can an Elevation Certificate get me out of a Flood Zone?
- In some cases, yes. If the Flood Map is inaccurate, your home may be out of the Flood one entirely. Only an Elevation Certificate, followed by a LOMA, can provide the evidence to do so.
What will my Elevation Certificate include?
- Your package will include the 4 page Certificate, at least 2 pictures of the dwelling/structure and a Firmette (a small version of the Flood Map on which your property is located). There may also be additional "Comments" documents when required.