The higher your lowest floor is above the BFE, the lower the risk of flooding. The BFE is the elevation that floodwaters are estimated to have a 1 percent chance of reaching or exceeding in any given year. Your insurance agent will use the EC to compare your building’s elevation to the Base Flood Elevation (BFE) shown on the map being used for rating and determine the cost to cover your flood risk. For example, the EC shows the location of the building, Lowest Floor Elevation, building characteristics, and flood zone.

If your building is in a high-risk area-a zone indicated with the letters A or V on a Flood Insurance Rate Map (FIRM)-the EC includes important information that is needed for determining a riskbased premium rate for a flood insurance policy. An EC documents the elevation of your building for the floodplain managers enforcing local building ordinance, and for insurance rating purposes. Knowing your building’s elevation compared to the estimated height floodwaters will reach in a major flood helps determine your flood risk and the cost of your flood insurance. If your home or business is in a high-risk area, your insurance agent will likely need an Elevation Certificate (EC) to determine your flood insurance premium. Elevation Certificates: Who Needs Them and Why An Elevation Certificate, combined with an application for a LOMA (Letter of Map Amendment) can accomplish this. Flood designation already in place? You should know these designations can be changed.

This allows you - and your insurance company - to determine how much damage might be expected as a result of a substantial flood. You’ll find out how high water within your building is expected to get in the event of a “base flood” (which has a 1 percent chance of occurring in a given year). Aside from saving you money, your Elevation Certificate also arms you with the information you want as a property owner. Without an Elevation Certificate, your insurance will be rated at the highest premium, which will cost you thousands over the course of your loan.

All federally backed loans require properties located within a flood hazard area to maintain flood insurance.

Tulsa flood maps