If you are buying, refinancing or getting a home equity loan in Natomas, your lender will require that you purchase flood insurance. What you may also be told is that because your home is now in a Special Flood Hazard Area ("SFHA"), Zone AE, that you must obtain an elevation certificate, which will cost you between $400 - $700 from a licensed surveyor or engineer and that your flood insurance will be very expensive. If you contact an insurance agent, they may agree with your lender. If this is the information you are receiving, STOP!
In most cases, the elevation certificate and higher flood premium are UNNECESSARY! Unfortunately, flood insurance is NOT an area of expertise for lenders and most insurance agents. Flood insurance, flood mapping and flood legislation IS one of our specialities and we have been involved in this arena for more than 20 years. Before paying for an elevation certificate and higher flood insurance premiums, please contact our office. In many cases, your home may qualify for rating under FEMA's grandfathering rules and can be rated using a non-SFHA flood zone, which does not require an elevation certificate and your flood insurance premium can be much less than if rated in Zone AE.
We receive inquiries daily on this subject have helped more than 100 Natomas home and business owners avoid elevation certificates and higher flood insurance premiums. If you have been told by your lender and/or your insurance agent that you must have an elevation certificate to buy flood insurance, please call us before going to the expense. We will determine whether or not your home is eligible for FEMA's grandfathering rule and prepare all the paperwork necessary to get your flood insurance policy issued at the grandfathered rate.
Get the right information and the right assistance from an agency that knows flood insurance. Call or email us today with your questions.
