What is an elevation certificate?
At its simplest, the elevation certificate is a document that measures the level of susceptibility that your property has to flood damage. If you’re looking to get flood insurance and the insurance company is about to calculate your premium, them the elevation certificate is one of the most important documents that will be required.
The elevation certificate helps with calculating insurance premiums by estimating the likelihood that rising floods will get to the lowest floor of your home. The certificate is issued by the NFIP; a federal flood insurance program that falls under the jurisdiction of the Federal Emergency Management Administration (FEMA).
Basically, the elevation certificate will include the following information about your home:
The most important feature of the elevation certificate in NJ, especially when it comes to affecting your insurance premium, will have to be the lowest floor elevation. The elevation of your property will be compared to the Base Flood Elevation (BFE) for your location, which is the elevation level that the NFIP estimates will have a 1 percent chance of getting hit by flood waters in a single year.
The higher your lowest floor is from the BFE, the lower the risk your home has of being considered as being susceptible for flood damage. Thus, your insurance premium will be lower as well.
Is the elevation certificate required for purchasing flood insurance?
As we’ve established, the elevation certificate is an important document that shows critical information about your property. However, you’ll only be required to provide it to your insurer is your flood insurance and property meet the following requirements:
For the third option, you should know that a lot of private insurance firms offer flood insurance cover in their name, but they are mostly backed by the government.
However, if any of the conditions don’t apply to you, then you don’t need to get an elevation certificate in NJ. If they do, then you’ll need one to calculate your premium before you get the flood insurance.
For more information about elevation certificates in Bergen County NJ, speak to one of our engineers at 973-647-7820.
Omland & Osterkorn – Your Trusted Elevation Certificate Surveyors in Bergen County NJ.