Anyone who owns a home or commercial property should be aware of the level of flood risk in the area. If your property is affected by a flood, it can cause significant interior damage and even affect the building’s structure. Due to the potential damage that comes with flooding, knowing your property’s specific risks is very important. For those in Texas, an elevation certificate can be a useful tool. If you’re wondering what are flood elevation certificates used for, these documents can be used in various ways.
Assess Actual Flood Risk
One of the ways that elevation certificates in Texas are used is by assessing the actual flood risk for a property. Whenever you purchase a property or take out a mortgage, you will likely run a flood search to see if the property is in a flood zone. This information may also estimate how high floodwaters could rise in the immediate area. This can then be compared with the elevation certificate. If the elevation level is higher than the maximum potential floodwater level, the risk of damage is lower than if the elevation is lower than the floodwater level.
Analysis of Insurance Needs and Costs
Elevation certificates can also have a big impact on your need for additional insurance and the associated costs. If the property is located in a flood zone, you may be required to obtain flood insurance. However, the costs of the insurance vary considerably based on the elevation of the property. If the property is located below the floodwater level, the potential damage is much higher. Accordingly, the premium costs for proper insurance would also go up.
Certificate Used for Construction Analysis
If you are looking to have a new property built or improved, using the elevation certificate is also a good idea. When you have an elevation certificate, you can use it to assess how the property is constructed. If it has an added risk of flood damage, you should make extra mitigation efforts or construction enhancements to ensure the property is built properly given the risks.
Anyone that lives in Texas should be aware of the potential risk of flood damage. If you do own a property here and are concerned about flood risk, having an elevation certificate is critical. This certificate helps identify the actual elevation of your property and any structures. Based on this elevation, you can better assess what your flood risks are and make changes or improvements to the property accordingly.