Hello, my name is Oneness Stipa Fosse from Elite Business Insurance. Today, I would like to discuss flood insurance and what it means to be in an AE flood zone. Flood insurance is a nationally regulated price, determined by the NFIP (National Flood Insurance Program). The NFIP has created a flood map that categorizes the susceptibility to flooding in different areas. Your home or building is placed in a specific zone, ranging from A to X. Zone A is considered a high-risk flood zone, while Zone X is a preferred risk with a low flood risk. If your property is in an AE zone, which is a high-risk flood area due to its close proximity to water, most mortgage lenders will require you to have flood insurance. This is to ensure that the value of your home is protected in case of a flood event that may result in the destruction of your property. It is important to have enough coverage to cover the cost of rebuilding your home in such scenarios. To determine the price of flood insurance, especially for properties built after the flood map was created, an elevation certificate is typically necessary. An elevation certificate is a land survey conducted by a professional land surveyor. This survey determines the elevation of your home compared to sea level, which helps assess the potential flood risk in your area. For properties built before the creation of the flood map, known as pre-firm, an elevation certificate is not usually required. In such cases, you can obtain a quote by providing information about your property and the desired coverage through the flood quoting system. However, if your property was built post-firm, an elevation certificate is necessary to determine the price of flood insurance. It is important to note that being grandfathered into a pre-firm price may...
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Flood zone certification Form: What You Should Know
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