RESIDENTIAL FLOOD MITIGATION AND WHAT IT MEANS TO A HOME OWNER
Every home owner who lives in a flood zone most likely has a flood insurance policy. However, most home owners do not know you can take preventative measures; FEMA refers to this as “wet flood proofing” to reduce your annual premium. The big question is where and how to begin?
- Locate your Elevation Certificate. If you do not have it your insurance company should. If the insurance company does not have the E.C. It is time to hire a local surveyor who does Elevation Certificates. This is usually cost a few hundred dollars but, money well spent!
- You and your insurance carrier now have a current updated Elevation Certificate. Now you can get an accurate insurance rate from your insurance company.
- Now that you and your insurance provider have an accurate E.C. and insurance rate...
- Ask your insurance company this question “Are there any steps I can take to reduce my flood insurance premiums"? Such as, installing flood vents, raising utilities above BFE, filling basements towards BFE or raising the structure above BFE. Most of the time the reduction in your flood insurance cost pays for this work over just a couple years.
- Document all work completed, take pictures, receipts and who did the work. Send pictures and copies to your insurance company and your local city inspector.
- If you ever sell your home these steps are already done. This will make for a much smoother sale and possibly increase the value of your home. The buyer, seller, bank and insurance provider will have less of a headache if the home is already flood compliant at sale.
- BFE means Base Flood Elevation.