DELRAY BEACH, FL--(Marketwired - Jul 21, 2016) - In 2015, residential and commercial property owners purchased more than 5.1 million flood policies -- at a cost in excess of $3.5 billion - through the National Flood Insurance Program (NFIP). Many do so because of a lender requirement or a belief that flood insurance is simply a matter of being in or out of a flood zone. As a result, some pay too much and others not enough for the price of protection. The key is to understand flood risk and the role of the elevation certificate, a critical document used to determine flood insurance premium rates. One error or omission can cost a policyholder hundreds or thousands of dollars each year in unwarranted expenses or damages. It is the one document every property owner with a NFIP policy needs to review with a flood risk expert, insurance agent, or broker.
For property owners with a mortgage and newly placed in the flood zone, flood insurance is mandatory. To purchase a policy, these property owners must submit an elevation certificate, which documents whether or not the building is at or above the required elevation. Property owners in a high-risk flood zone who believe the classification is wrong must submit an elevation certificate to appeal the designation.
"A signed and sealed elevation certificate does not ensure accuracy," states Michael Allison, president of AmeriFlood Solutions, Inc. He continues, "more than 50 percent of the elevation certificates reviewed by our staff have errors. Further, outdated elevation certificates may not reflect building improvements or uncover documentation errors or omissions that cause insurance agents, brokers, and carriers to rate flood policies inaccurately. That can add up to a considerable difference in the amount paid for coverage or measures implemented to mitigate flood damage."
For more information, read how to spot Elevation Certificate Errors - Accurate Data Matters, which includes a list of ten most common mistakes, and take advantage of AFSI's complimentary flood risk evaluation or elevation certificate review.
About AmeriFlood Solutions, Inc.
AmeriFlood Solutions, Inc. (AFSI) is a risk management company serving property owners throughout the United States who are required to purchase flood insurance by their respective lenders. Visit AFSI online.