Your lot is “in” the flood hazard zone but the lowest adjacent grade (LAG) around your house is “out” or above the base flood elevation (BFE). Your situation may now be one of the following:Ī. This puts you under the requirement for flood insurance. You’re lot is currently or proposed to be shown in the flood hazard zone. An evaluation of your risk is quick and easy.Ģ. But, as we said below, if there is ANY risk you might want to consider it. In this case there is no requirement for the purchase of flood insurance. Out of the flood hazard zone completely on the old and new maps. The following are the possible situations in which you may find yourself:ġ. Now that you know a little about the overall situation, how does this affect you directly? If you are currently shown to be in or near a flood hazard zone, or if you’re going to be in or near a flood hazard on the proposed maps, NOW is the time to act. Again, the rates should be rather low in this case, but there are some costs nonetheless. You should also know that the mortgage lender may also require flood insurance even if it is determined you don’t need it. Of course, they would want you to do so because they are protected also. …if the loan is federally insured or the lender is regulated by the federal governmentĪs stated above, your mortgage company may be required to ask you to purchase flood insurance. Again, your homeowner policy is useless in this case but a flood policy would cover this damage. You should also know that just because you’re above the BFE and far away from a running stream, many dry ditches have caused significant damage to a home during a flash flood. Your homeowner policy has an exclusion from any flood damage. A $300 policy may well be worth the peace of mind it brings. Therefore, if you are four feet above the BFE the rates should be lower than if you were at or below the BFE. Mortgage insurance rates are generally less the higher above the base flood elevation your finished floor is located. Over the life of a 30 year mortgage there is a 26% chance of having a flood event that exceeds the base flood elevation. Remember, the 1-percent chance storm has a 1 percent chance of being met OR EXCEEDED in any year. For those homeowners with a mortgage, purchasing flood insurance is mandatory in a participating community if the loan is federally insured or the lender is regulated by the federal government.įlood insurance is highly advisable even if you’re not required to purchase but are located near a stream or lake. But, because of funding shortfalls, it’s been over 15 years for some communities. FEMA is required to assess its flood hazard map inventory at least once every 5 years. When you get the amount of rain comprising the 1-percent storm the flood water will come to a certain elevation near your home, known as the Base Flood Elevation (BFE). This has been known in the past as the 100 year flood and is also known as the Special Flood Hazard Area (SFHA). These maps show the areas of potential flooding based on the 1-percent chance storm event. Recently many areas of our state completed the process of updating the FEMA Flood Insurance Rate Maps (FIRMs). “Thanks Keith – this helped a lot – quote went down to $460 – down from $2599.” – Staci Herring, State Farm Insurance If you need an elevation certificate for your location in order to determine if you’re IN the flood zone or not OR if you’ve been told you need flood insurance, call Huntsville Land Surveying at (256) 585-6002 or fill out the Contact form on the right or on our Contact Page.
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