Are you paying the right price?
Flood insurance uses many different pieces of information for rating purposes to generate a premium unique to the risk. The location address determines the flood zone for the property to start. The risk is determined to be pre-firm or post-firm by the year of original construction.
The foundation type has an impact on rating as well. The foundation type can be a slab on grade, a crawl space, a basement or a combination of two or more of these. Flood insurance rates can be subsidized rates or actuarial rates.
Since Super Storm Sandy in 2012 buildings elevated on an unfinished enclosure have become common. These enclosures are carefully designed to avoid flood damage to finished areas of a structure. A surveyor or engineer can determine the floor heights of a building and record them on an elevation certificate. An elevation certificate may be beneficial to a flood insurance quote. Elevated buildings generally have flood vents and most often engineered flood vents to help equalize water pressure on a foundation during flooding.
We can help you navigate the flood insurance process from quoting to policy issuance.
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