Flood Elevation Certificates and the LBI NJ Real Estate Market
Long Beach Island NJ Real Estate
When looking to buy a home in the LBI NJ real estate market an elevation certificate is essential. Not only is it required by most towns for the obtainment of a resale certificate of occupancy but it is also needed to determine the cost of flood insurance. The cost of flood insurance is a very real ownership cost in the LBI real estate market and can be the difference between a house being affordable and not affordable on Long Beach Island overtime. Understanding how and why flood insurance cost’s are what they are is a topic for another day but here we will work on Understanding LBI Flood Elevation Certificates on Long Beach Island.
Understanding LBI Flood Elevation Certificates
1. What is an Elevation Certificate?
An Elevation Certificate (EC) is a document produced by a
licensed land surveyor which identifies various elevations in
and around a particular structure. The cost of an Elevation
Certificate varies by location.
2. When is an Elevation Certificate used?
An EC is used to ensure compliance with the National Flood
Insurance Program (NFIP) and community floodplain
management ordinances to determine the proper insurance
premium rate of a structure in a Special Flood Hazard Area
(SFHA), or support a request for a Letter of Map Amendment
(LOMA) to FEMA.
3. What is a Letter of Map Amendment?
A LOMA (Letter of Map Amendment) is a document
produced by FEMA that verifies or amends the flood status
of a structure. FEMA is the only government organization
that has the authority to issue a LOMA. An EC is the most
important document required for a LOMA.
4. How does an Elevation Certificate help change the flood status of a structure?
An EC helps FEMA compare structural elevations documented by the EC with the Base Flood Elevation (BFE) of the structure.
If the structural elevations are above the BFE, the structure can be effectively removed from the Special Flood Hazard Area
(SFHA) and from the mandatory purchase requirement for flood insurance. Thus, an EC and a successful LOMA can change
the flood status of a structure.
5. How long is an Elevation Certificate good for?
An EC is good for as long as the structure and ground elevations
remain the same. If substantial changes to a structure in a
high-risk area are made, a new EC will likely be needed to
reflect the new characteristics.
6. How can MyFloodStatus help my client determine
if they need an Elevation Certificate?
A MyFloodStatus Flood Determination report will clearly identify
whether your structure lies in a SFHA or not. Running a report is
the first step. Our Certified Floodplain Managers will then be able
to determine if an EC is necessary. If so, we can then determine the
likelihood of a successful LOMA application.
For more information about buying a home in the Long Beach Island real estate market feel free to contact me anytime. You can also get a flood insurance report by here: www.myfloodstatus.com firstname.lastname@example.org 855-6535663
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | email@example.com
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