14B — August 25 - September 14, 2017 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
A sk the E xpert
By Daniel J. Caldwell, Stout & Caldwell, LLC Flood Elevation Certificates The What? The Why? The How?
A
s licensed and insured professional engineers, land surveyors and
Commercial realtors are often faced with these same ques- tions. Here are just a few of the FAQs. What is a Flood Zone? A Flood Zone is an area that the government has determined has a high, medium or low probability that a flood will oc- cur based upon severe weather conditions. The Federal Emer- gency Management Agency (FEMA) use results of extensive flood studies to determine such zones and publishes “Flood In- surance Rate Maps” (FIRM) on the FEMA Map website. What is a Flood Eleva-
the structure is recorded at an elevation above the level at which FEMA has determined for probably flooding, the insur- ance company has the ability to lower rates. Who is LOMA? LOMA stands for Letter Of Map Amendment and it is some- thing to be requested if a Flood Elevation Certificate places your home or business outside a flood zone. Upon review and agreement, the government will issue a LOMA for the prop- erty. Even with this in hand, certain insurance companies may still require owners carry
flood insurance. If so, neighbors and nearby businesses may recommend other possible in- surance carriers. Do I need to be onsite when the fieldwork is con- ducted? This answer will vary but in general, if the property is on a slab with no crawl space, or has a crawl space that is acces- sible to the surveyor, owners do not need to be there. However, if there is a basement, someone will need to be onsite. This is also true if there are pets even if they are in the back yard. How long will it take to get my Flood Elevation Cer- tificate? Turnaround times can vary based upon the companies current workload. At Stout & Caldwell, we strive to have elec- tronic copies of the Flood Eleva- tion Certificate emailed within 36 hours of our site visit with the signed copies with raised seal in the mail that same day. Why are Flood Elevation Certificates Needed? In order to determine your proper insur- ance rate, insurance companies will require property owners obtain a Flood Elevation Certifi- cate certified by a licensed land surveyor or engineer. This is specifically true in New Jersey and Pennsylvania but may vary by state. It’s important to note that no property is singled out. It is also true that all properties in a designated high risk area may differ from door to door. Upon receiving a letter fromFEMA or your insurance company requir- ing a flood elevation certificate, neighbors and local business owners may choose to join forces and hire a licensed surveyor to reduce costs which generally run between $400.00-$650.00 per certificate. It is also a good time to speak with your insur- ance carrier to ensure proper coverage. For more information or to obtain a flood elevation certifi- cate, contact Stout & Caldwell, LLC at 856- 786-2202 or djc@ stoutcaldwell.com. About Daniel J. Caldwell Co- Founder and Principal, Stout & Caldwell, LLC Daniel J. Caldwell is co-founder and prin- cipal with Stout & Caldwell, LLC, a leading provider of professional and technical engi- neering and consulting services in NJ and PA. His primary focus is new business development and marketing of the firm, but also assists with office oversight and proposal writing. n
tion Certificate and where do I get one? The National Flood Insurance Program uses Flood Elevation Certificates to certify the base flood elevation of residential and commercial buildings. A state-licensed land surveying firm completes the certification. Does getting a Flood El- evation Certificate guaran- tee my flood insurance rate will be decreased? Although there are no guarantees, a lower premiummay be possible yet only the insurance company can determine this based on the Flood Elevation Certificate. If
p r o v i d e r s of Flood El- evation Cer- tificates in New Jersey a nd P e nn - sylvania, we receive calls daily from in- dividuals who ask “What is
Daniel Caldwell
a flood elevation certificate?” and “Why do I need one?” But it isn’t only homeowners; busi- nesses can also be impacted.
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