What is an Elevation Certificate?
Let me start with some great news! TypTap does not require an elevation certificate to purchase a flood policy. We can do this not because we think the information provided on an elevation certificate isn’t important (it is), but we can lift this burden from the client and partner agencies because of the proprietary software developed by our technology company, Exzeo. Exzeo developed a database of single family dwellings in the state of Florida that contains the information needed to accurately assess flood risk. In addition to the database Exzeo also developed technologies that works in unison to accelerate the claims process, but that’s a topic for another blog post! All of that being said, understanding what an elevation certificate actually is does not hurt. Flood insurance has been in the news a lot lately and building up an arsenal of flood knowledge will make you the coolest guy or gal at the party*. * TypTap apologizes for any failed social interactions for mentioning flood elevation knowledge at a social gathering. An elevation certificate (EC) has a lot of information on it including the address, legal description, and flood insurance rate map (FIRM) information. However, when it comes to reading an EC for insurance rating purposes the most vital portion is going to be section C, building elevation. This section will compare your buildings lowest floor to the Base Flood Elevation, or BFE. According to FEMA the BFE is the “elevation that floodwaters are estimated to have a 1% chance of reaching or exceeding in any given year.” Or, simply put, a baseline of risk. Here is a sample of section C of an EC: A lot of numbers, I know. The final number from this section, along with your flood zone, will be used for rating your property and determine the premium for your assessed risk. Remember though, you must only worry about these steps and numbers if you were going through the NFIP or other “write your own” flood companies. For more information on how to read elevation certificates and how to obtain one, please read here. For a quote in seconds without an elevation certificate, visit www.typtap.com.