www.marejournal.com M id A tlantic Real Estate Journal — ODM — Greater Philadelphia Buildings Engineering & Facility Maintenance Show — May 25 - June 7, 2018 — 13B G reater P hiladelphia B uildings E ngineering & F acility M aintenance S how By Daniel J. Caldwell & Robert R. Stout, P.E., C.M.E., P.L.S., Stout & Caldwell, LLC Flood Elevation Certificates: The What? The Why? The How? A with this in hand, certain insurance companies may still require owners carry s licensed and in- sured professional engineers, land sur-
or has a crawl space that is accessible 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 Certificate? Turnaround times can vary based upon the com- pany’s current workload. At Stout & Caldwell, we strive to have electronic copies of the Flood Elevation Cer- tificate 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 insurance rate, insur- ance companies will require property owners obtain a Flood Elevation Certificate 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 from FEMA or your insur- ance company requiring a flood elevation certificate, neighbors and local business owners may choose to join forces and hire a licensed surveyor to reduce costs. It is also a good time to speak with your insurance carrier to ensure proper coverage. Daniel J. Caldwell Co- Founder and Principal, Stout & Caldwell, LLC. Robert R. Stout, P.E., C.M.E. is managing mem- berwithStout&Caldwell, LLC.
veyors and p r o v i d e r s of Flood El- evation Cer- tificates in New Jersey and Penn- sylvania, we receive calls daily from
flood insur- ance. If so, ne i ghbo r s and nearby businesses may recom- mend other possible in- surance car- riers.
Daniel J. Caldwell
Robert R. Stout
individuals who ask “What is a flood elevation certifi- cate?” and “Why do I need one?” But it isn’t only home- owners; businesses can also be impacted. Commercial realtors are often faced with these same questions. 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 probabil- ity that a flood will occur based upon severe weath- er conditions. The Federal Emergency Management Agency (FEMA) use results of extensive flood studies to determine such zones and publishes “Flood Insurance Rate Maps” (FIRM) on the FEMA Map website. What is a Flood Eleva- tion Certificate and where do I get one? The National Flood Insur- ance Program uses Flood El- evation Certificates to certify the base flood elevation of residential and commercial buildings. A state-licensed land surveying firm com- pletes the certification. Does getting a Flood Elevation Certificate guaranteemy flood insur- ance rate will be decreased? Although there are no guarantees, a lower premi- um may be possible yet only the insurance company can determine this based on the Flood Elevation Certificate. If the structure is recorded at an elevation above the level at which FEMA has deter- mined for probably flooding, the insurance company has the ability to lower rates. Who is LOMA? LOMA stands for Letter Of Map Amendment and it is something 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 property. Even
Do I need to be onsite when the fieldwork is conducted? This answer will vary but in general, if the property is on a slab with no crawl space
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