Note: Most lending institutions (Federally regulated or insured lenders) are mandated by Federal law to require borrowers to purchase flood insurance for properties that are located in areas with a 1% or greater chance of flooding in any given year.
What is an Elevation Certificate?
· An Elevation Certificate is a document that is usually completed by a Licensed Surveyor that certifies building elevations.
When is an Elevation Certificate needed?
· An Elevation Certificate is needed to ensure that the proper flood insurance rate is being applied by an insurance company. (Example: If a property being purchased is in an area with a high risk of flooding and flood insurance is being required by the lender.)
· An Elevation Certificate can also be used to support a request for a Letter Of Map Amendment (LOMA) from FEMA. If a request for a LOMA is successful, the Federal mandate for a lender to require flood insurance to be purchased is removed.
How long does it take to get an Elevation Certificate?
· At Battlefield Land Surveying, our turn-around time on Elevation Certificates in the Fredericksburg area and surrounding counties is usually 3 to 5 days. Once an appointment is made, a field survey will be performed to collect elevation information on the property. Once the field data is analyzed, the Elevation Certificate is completed by the Licensed Surveyor. The finished Elevation Certificate (3 copies) is then delivered to the client.