Glossary of Terms
Flood Risk Analysis:
A thorough assessment of
the flood risk inherent
to an insured home or
building, where the goal
is to determine whether
or not the home or
building is at high-risk
or low-risk to damage in
the event of a 100-year
flood event (also known as “Base Flood”). The analysis involves a comparison of data
illustrating the home or building’s flood risk to the flood insurance study published by FEMA for the community within which the home or building is located.
Federal Emergency Management Agency (“FEMA”):
FEMA is an independent federal agency with headquarters in Washington D.C., regional and area offices across the country. FEMA works
in partnership with other federal, state and local organizations to plan and coordinate the nation's emergency management system.
FEMA's responsibilities include preparing flood insurance rate maps, advising communities on building codes and floodplain management,
administering the National Flood Insurance Program, coordinating the federal response to disasters, making disaster assistance
funds available to states, communities, businesses and individuals and much more. In March 2003, FEMA became part
of the newly created U.S. Department of Homeland Security.
National Flood Insurance Program (“NFIP”):
The program of flood insurance coverage and floodplain management administered by FEMA under The National Flood Insurance Act
of 1968 (and any amendments to it) and applicable
federal regulations promulgated in Title 44 of the Code of Federal Regulations, Subchapter
B. The NFIP is a federal program enabling property owners in participating communities to purchase insurance protection against losses from
flooding. Participation in the NFIP is based on an agreement between local communities and the federal government that provides the availability
of flood insurance as long as communities adopt and enforce a floodplain management ordinance to reduce future flood risks.
Participating Communities: A community
for which FEMA has authorized the sale of flood insurance under the NFIP, which includes counties,
cities, towns, villages and other types of municipalities. In order to become a Participating
Community, a community must adopt a strict floodplain management program to ensure that
all new homes and buildings are built to protect against damage during 100-year flood events.
Flood Zones:
A flood zone is a
geographical area shown
on a flood map (FHBM –
Flood Hazard Boundary
Map or FIRM – Flood
Insurance Rate Map) that
reflects the severity or
type of flooding that
may occur in the area.
Some flood zones denote
areas that may be at
high-risk of flooding
during 100-year flood
events, and these
high-risk areas are
referred to as Special
Flood Hazard Areas (flood
zones A, AE, AH, AO, AR, A1-A30, A99,
V, VE, V1-V30).
Other flood zones denote
areas that are at
low-risk of flooding
during 100-year flood
events, and these
low-risk areas are flood
zones B,
C, and X. Flood
insurance is required in
high-risk flood zones
and is not required in
low-risk flood zones
Special Flood Hazard Area (“SFHA”):
An area having special flood, mudflow, or flood-related erosion hazards. SFHA's are shown
on a Flood Hazard Boundary Map (“FHBM”) or Flood Insurance Rate Map (“FIRM”)
as flood zones beginning with the letters A
and V (A, AE, AH, AO, AR, A1-A30, A99, V, VE, V1-V30). SFHA's are “flood prone areas” where
FEMA predicts flooding may occur during a 100-year storm. FEMA requires communities to enact and enforce
a strict floodplain management program to ensure that homes and buildings built in SFHA's are not susceptible
to damage in the event of 100-year storms.
Floodplain Management:
The operation of an
overall program of
corrective and
preventive measures for
reducing flood damage,
including but not
limited to, emergency
preparedness plans,
floodplain management
regulations to ensure
responsible construction
practices, and flood
control work to
effectively control the
flow of flood waters
during 100-year flood
event to mitigate potential damage.
100-Year Flood Event:
Also referred to as a
“Base Flood.” This is a
flood having a 1% chance of being
equaled or exceeded in any given year. This is a catastrophic flood event that is not expected to occur
more than one time in any 100-year period. The volume of water used to calculate the 100-year flood is different
for each community, because it is based upon historical rainfall data for that specific
community.
Flood:
For purposes of filing a claim under an NFIP flood insurance policy, a flood is a general
and temporary condition of partial or complete inundation of two or more acres of normally
dry land or of two or more properties (at least one of which is the policyholder’s property) from:
- Overflow of inland or tidal waters; or
- Unusual and rapid accumulation or runoff of surface waters from any source; or
- Mudflow; or
- Collapse or subsidence of land along the shore of a lake or similar
body of water as a result of erosion or undermining caused by waves or currents of
water exceeding anticipated cyclical levels that result in a flood as defined above.
Standard Flood Insurance Policy:
A flood insurance policy to insure a residential or commercial building and/or the contents of the building.
These policies are available for homes and buildings in high-risk and low-risk flood zones. There are three
types of Standard Flood Insurance Policies, including:
- Dwelling Form – to insure a single-family or a 2-4 family dwelling;
- General Property Form – to insure other residential or non-residential buildings; and
- Residential Condominium Building Association Policy (RCBAP) – to
insure a condominium building and all units within the building.
Preferred Risk Policy:
A policy only available to homes and 2-4 family residential buildings located in low-risk
flood zones (zones B, C and X), which offer fixed combinations of building and contents
coverage or contents-only coverage. These policies are available at fixed premiums that are lower
than premiums for Standard Flood Insurance Policies.
Elevation certificate:
This document is
prepared by a licensed
surveyor and provides
information required to
perform a flood risk
analysis, including:
- Property Information
- Flood Insurance
Rate Map Information
- Building Information
- Community Information
- Certification
by Licensed Surveyor
The elevation certificate provides elevation data for many points around a property. If you don’t have an elevation certificate, you can obtain one from a licensed surveyor. A licensed surveyor should be familiar with FEMA’s regulations pertaining to elevation certificates and FEMA’s definitions regarding elevation data.
Premier Elevation Certificate Network, Inc. obtains elevation certificates for insurance brokers and agents, commercial property owners and condominium associations. Premier Elevation Certificate Network, Inc. centralizes the expertise of licensed surveyors throughout the United States and utilizes an eight-point quality control standard to insure elevation certificates are prepared in accordance with FEMA rules and regulations. If you require elevation certificates or V-zone rating forms, contact Premier Elevation Certificate Network, Inc. for a free, no-obligation, estimate.
Premier Elevation Certificate Network, Inc.
Telephone: 561-253-9010
Facsimile: 561-253-9011
customerservice@premierelevationcertificates.com
www.premierelevationcertificates.com
If you are a homeowner, check your local telephone directory or the Land Surveyor Reference Page web site, www.lsrp.com Click on “Surveying Companies Yellow Pages – USA” and follow the instructions to locate a surveyor in your area.
Recorded Deed: A
deed is a document prepared to evidence the transfer of ownership between parties in
a real estate transaction. It provides a legal description of the property being transferred,
lists the parties involved in the transaction, and other pertinent information to accurately
reflect the transaction. After the completion of the real estate transaction, the deed
is recorded with the county clerk’s office as a permanent public record of the
transaction.
Declarations Page:
A computer-generated
summary of information
provided by the
prospective policyholder
and the
insurance agent in the application for flood insurance. This page also describes the term of the policy
and the limits of coverage and displays the premium and the insurer’s name. The Declarations
Page is the first page of the flood insurance policy and is a component of the flood insurance policy.
