Elevation Certificates And Quoting Flood Insurance Premiums

If you are thinking about buying a home and want to get a flood insurance quote, it’s pretty much pointless to do so if you don’t get an elevation certificate. Without it, an insurance agent will typically quote you with the highest premium for that given flood zone instead of a more accurate one.

The certificate states the elevation of the bottom floor of the structure in relation to its “base flood elevation.” BFE is the elevation that is above areas that have a 1% chance of being under floodwater in a given year.

Surveyors issue these certificates, which insurance agents then use to rate flood policies, among other things.

Fully understanding this process is vital when trying to figure out the monthly costs associated with financing real estate. Often, some financial institutions will prequalify you for a certain loan amount without having the actual insurance costs pinpointed. This can backfire against you, so be wary when looking to finance a home in a flood zone.

We never prequalify someone for a certain loan amount, but rather how much they can afford a month—after all, that is the litmus test for what you can afford. Without an accurate flood insurance quote, you could find yourself trying to buy a house with a monthly payment beyond your budget.

Since we fully understand the depth and gravity of what goes into getting an accurate flood insurance quote, we can get you on the right track to getting the accurate costs so you don’t waste any of your valuable time. This also ensures a smoother, faster loan process.