Free preview Flood Zone Statement and Authorization
Free preview
Flood Zone Statement and Authorization
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Summary: Proximity to a flood zone lowers property values. By law, a property is considered in a flood zone if any part of the structure falls within a floodplain, an area that is adjacent to a stream or river that experiences periodic flooding.
Evidence of flood insurance Completed and executed NFIP Flood Insurance Application PLUS a copy of the Borrower's premium check or agent's paid receipt.
Areas in flood zone A have a 1 percent chance of flooding per year and a 25 percent chance of flooding at least once during a 30-year mortgage. Since there haven't been detailed hydraulic analysis in these areas, the base flood elevation and depths have not been determined.
Use the Comments area of Section D, on the back of the certificate, to provide datum, elevation, or other relevant information not specified on the front. Complete Section E if the building is located in Zone AO or Zone A (without BFE). Otherwise, complete Section C instead.
If you live in a high-risk area for flooding and are purchasing flood insurance through the National Flood Insurance Program (NFIP), you will almost certainly be required to provide an elevation certificate to complete your purchase.
Zone A. Zone A is the flood insurance rate zone that corresponds to the I-percent annual chance floodplains that are determined in the Flood Insurance Study by approximate methods of analysis.
The BFE is the elevation that floodwaters are estimated to have a 1% chance of reaching or exceeding in any given year. The higher your lowest floor is above the BFE, the lower the risk of flooding. Lower risk typically means lower flood insurance premiums.
If you live in a high-risk area for flooding and are purchasing flood insurance through the National Flood Insurance Program (NFIP), you will almost certainly be required to provide an elevation certificate to complete your purchase.
The best way to find flood insurance without a Flood Elevation Certificate is to consult a licensed flood insurance agent to see if they work with any companies that don't rely on a certificate to price out flood risk.