Private Flood Insurance
I've had a long experience with FEMA work so keep informed from them on what is going on. However, I don't know much about the private companies now providing insurance. I have a client who said he needed an elevation certificate, go to his house to do the work, and was told I only needed to certify the main floor (the house has flooded 5 times since he built it). I told him an elevation certificate covers more information than that so he called his agent after telling me he had a private policy.
He called me yesterday and said his agent informed him FEMA will be doing away with elevation certificates as of October, FEMA will be creating a "new" way of determining how to rate structures, and nobody will be able to get flood insurance through FEMA until they decide how to do the new rating.
I think the agent was blowing smoke. However, having not worked with private flood insurance carriers, I wonder if the PRIVATE insurance companies are restructuring how they rate structures. Any information or thoughts about this?
I must agree that agent is blowing something, for sure.
But, Washington is Washington. Who knows? It has been that way for decades.
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I have private flood (actually "catastrophe") insurance, and it was much cheaper than the NFIP insurance quote. I don't think the private underwriter cared about the elevation certificate, if memory serves. I was not aware a change was coming with NFIP, but apparently so. Don't know about the elevation certificates going away, and haven't researched this...
I'm not sure he's blowing smoke. I'm in VT and had an agent we work with regularly tell me the same thing. He sent me the attached. He's the same guy that has been telling me for several years that "the private market doesn't want to know what an EC will tell them". You figure it out.
Around here the County uses them to issue Building permits. So Elevation Permits are not going away soon.