Terez Harris NOLA Real Estate Group Spreads Flood Elevation Awareness in New Orleans

NEW ORLEANS - Nov. 22, 2013 - PRLog -- A Flood Elevation Certificate is used to certify building elevations if the building is located in a Special Flood Hazard Area (SFHA) in order to determine the proper Flood Insurance Premium. The specific information contained in a Flood Elevation Certificate may also be used by an Insurance Company to determine a lower rate if a building is elevated above the level at which the government has determined that flooding is probable.

A Flood Zone is an area which has been studied by the government to determine the probability of flooding due to intensive storms, or along  the coast, severe tidal conditions. Flood Zones are designated to specify the probability and frequency of anticipated flood conditions. Flood Zones range in severity, meaning there are areas of minimal flooding and areas where flooding is expected to occur frequently.

In an effort to protect property owners from the the material and financial devistation of natural disasters, the federal government has implemented various protection programs, such as the National Flood Insurance Program (NFIP) and has identified specific flood prone areas (Special Flood Hazard Areas) which are now required by law to maintain proper insurance.

The Federal Emergency Management Agency (FEMA) complies with the results of extensive studies to publish Flood Insurance Rate Maps (FIRM), which indicates areas which may anticipate flooding conditions.

There are six flood zone designations:

Zone A (subdesignations: AE, AH, AO, A1-A99)- These are Special Flood Hazard Areas where flooding may be expected to occur at least once within a 100 year period. All lenders must require borrowers to purchase and maintain flood insurance for this area.

Zone V (subdesignations: VE, V1-V99)- These are Coastal Flood Hazard Areas where both flooding and severe tidal conditions. Flood Insurance is also required here.

Zone C- These are areas of minimal flooding. Flood Insurance is not required here.

Zone B- Areas where flooding is anticipated once in 500 years or, if more frequently, only to minimal depths. Flood Insurance in available here, but is not manditory.

Zone D- Areas which have not been studied and therefore are non-participatory in the protection programs.

Zone X- The newest designation, and may indicate either Zone B or Zone C. The intent of this flood zone is to readily distinguish areas which typically do not require Flood Insurance from those which do, thereby minimizing confusion.

Terez Harris NOLA Real Estate Group   phone:(504)297-2619   Harris.Terez@gmail.com   http://www.TerezHarris.com

Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100 Each office independently owned and operated. All brokers licensed in the state of Louisiana.

QUOTE:

"There is a lot of info to cover but it really boils down to just a few very important things or "must do's".

1) If buying or selling a property in an SFHA (special flood hazard area) such as an "A" zone, be prepared by having an Elevation Certificate reviewed by a licensed insurance agent to determine current and future estimated rates for flood insurance PRIOR to signing a purchase agreement.

2) If buying or selling a property in an X, B or C zone, consider ordering an Elevation Survey in case the new maps contain changes to the zone the property is in currently. Ex: Currently in X zone but new maps show property moving into an AE zone.

3) Old Elevation Certificates may continue to be used as long as they are valid. Have a licensed insurance professional review it for compliance reasons.

4) If the Elevation Data on the Certificate is "unfavorable" or produces a very high initial rate for flood insurance, make sure to consult with a licensed insurance agent to see if, when the new maps are adopted later next year, the rates could drop significantly. If estimated future rates are still high, consider delaying a purchase or attempt to sell and re-evaluate whether house could be raised or vented by talking with the local Community Official and/or Flood Plain Manager.

5) All properties in a SFHA (A zone for ex.) that are sold, have a name change on the title, or have a lapse in flood coverage will berequired to have a valid Elevation Certificate in order to purchase a new flood insurance policy."

says Wes Thomas - Producer at TWFG Insurance Services   4424 Transcontinental Dr. Ste B Metairie, LA 70006   phone:(504)293-5482   wthomas@twfg.com