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21 Jun

Explaining the FEMA Clear Communication Initiative and Elevation Certificates

The Federal Emergency Management Agency’s (FEMA) “Clear Communication Initiative” is intended to inform federal flood insurance policyholders of their flood risk as reflected on the most current Flood Insurance Rate Map (FIRM). This is something congress mandated in the Homeowner Flood Insurance Affordability Act (HFIAA, and specifically Section 28 of that Act). The reasoning is sound, but there are parts that may be confusing, so I want to try and explain “Clear Communications”.

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05 Jun

When is Flood Insurance Required?

So you finally did it. You saved up enough money to put a down payment on your first home, and pay closing costs. You spent hours completing paperwork, and gathering documents for your mortgage lender.

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16 May

FEMA Clear Communication Initiative Letters and What They Mean for You

In early 2016, FEMA began mailing out clear communication initiative letters to flood insurance policyholders with new policies effective April 1, 2016 or later, and/or renewal dates of October 1, 2016 or later. The purpose of these letters was to inform the policyholders of their current, re-mapped flood risk rating, and explain how that rating was assessed, as well as how it would likely impact what one would pay for flood insurance. The letters further explain how the property owner may reduce flood insurance premiums by obtaining an Elevation Certificate.

FEMA separated the letters into 7 categories, each defined by a letter, A-F. Your category can be found in the bottom right hand corner of your letter. The categories are as follows:

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16 Nov

5 Ways to Lower Your Flood Insurance Premium

Who doesn’t want to lower the cost of… everything? Flood insurance is one of those things where consumers might feel a little helpless because most flood insurance is issued through the Federal Emergency Management Agency (FEMA) so the rates are what they are. First, find a knowledgeable agent that really knows the National Flood Insurance Program. Second, check out our list of the top 5 ways to lower your premiums.

#1 Get an Elevation Certificate

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10 Nov

What Does an Elevation Certificate Cost?

We are asked this all the time and rightfully so. You are told you need to buy a flood insurance policy, which is separate from your homeowner’s policy. And then you are told you need a separate elevation certificate to calculate the proper premium. Or maybe you already have flood insurance and you were told getting a proper elevation certificate could lower your rising premium. So what does the elevation certificate cost?

The national average cost for an elevation certificate is about $600 and the range is about $169 to $2,000 or more. There are a lot of reasons elevation certificate costs vary, including: occupancy type, structure type, demand, location, timing, data, and quality.

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