Why do borrowers need to obtain an elevation certificate?
An elevation certificate is generally needed for one of two reasons: 1. In order to determine the correct premium for a flood insurance policy. 2. When a property owner wishes to apply for a Letter of Map Amendment with FEMA to have their home or other structure officially “removed” from a SFHA. Back to Top 9. MYTHS ABOUT FLOOD INSURANCE #1 MYTH: My standard homeowners insurance policy will cover my losses if my house is damaged or destroyed in a flood. FACT: Homeowners insurance does not cover flood damage. Federal flood insurance can only be purchased through an insurance agent, insurance company or the NFIP. #2 MYTH: Federal disaster aid, available during and after a flood, will reimburse me for my losses. Therefore, I don’t need to buy flood insurance for my home and belongings. FACT: FEMA disaster aid is only available if a Presidential Disaster is declared, which often does not happen after localized flooding. Even still, federal aid is not free. Its usually in the form of a loan
