Crucial Info on FEMA Flood Rates, Courtesy of Your Land Surveyor in Mobile, AL

November 27, 2017 11:37 pm Published by Leave your thoughts

Storms have devastated many areas of the nation in recent years. Hurricanes have flooded thousands of homes. The Federal Emergency Management Agency (FEMA) has been very busy. While the goal is to provide relief to those affected, this agency’s funding isn’t limitless. With so many consecutive disasters, what will happen with FEMA flood rates? Your land surveyor in Mobile, AL has the answers to your questions.

What is FEMA?

The Federal Emergency Management Agency supports citizens and first responders to prepare for, respond to, recover from and protect against hazards.

How does FEMA provide flood insurance?

FEMA manages the National Flood Insurance Program (NFIP). This initiative covers the damage from a flood, which is not covered by standard homeowner’s insurance policies. The NFIP handles the provision of flood insurance, monitors the improvement of floodplain management and develops maps of flood hazard zones.

Are FEMA insurance rates going up?

The latest round of changes to the NFIP included rate increases. This was inevitable, due to the number of disasters the country has recently experienced. The average increase per policy premium was 5.4 percent. This translates to an average increase of about $1,000. Previously subsidized policies will also be increased by 25 percent annually until they reach full-risk rates.

What affects my flood insurance rate?

FEMA maps special flood hazard areas (SFHA) and designates these regions to receive Preferred Risk Policy premiums. Where your property lies on FEMA flood maps affects your rates. FEMA reviews these maps periodically and makes adjustments as needed.

What is an elevation certificate?

This certificate documents your building’s elevation. It provides information to the NFIP to determine if your property is located in an SFHA and what flood insurance premium rates should be for your property.

Do I have to have an elevation certificate?

This certificate is typically required to obtain flood insurance. Your agent will need to provide this certificate to FEMA to set up your policy.

How can I get an elevation certificate?

A land surveyor in Mobile, AL can conduct a professional survey of your property and provide an elevation certificate. The team at Polysurveying is available to assist you with this process.

What’s in store for the future of FEMA?

Advocacy groups are calling for Congress to rethink the NFIP as well as the country’s overall approach to disaster relief. The share of disaster response costs covered by the government has escalated to more than 75 percent. Policymakers are calling for greater proactive efforts to minimize the effects of future disasters. This could mean stricter policies for property owners.

What should I do to prepare?

Obtain an elevation certificate to provide to your insurance agent. With FEMA and other federal agencies and policies in constant flux, it is important to be prepared with proper documentation that is current and accurate. For a detailed certificate that meets all federal standards, contact an expert land surveyor in Mobile, AL at Polysurveying.

Contact Polysurveying today to schedule your survey. With elevation certificate in hand, you’ll have one more tool in your arsenal to prepare for whatever the future holds.

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