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Why does the Seller buy Title Insurance?

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Why does the Seller buy Title Insurance?

I’m paying for what?  Title Insurance!  Why?

Well, it’s ‘normal and customary’ here in South Florida for the Seller to pay for an Owners Title Policy.  These policies are far from cheap and the Seller often asks why?  Well, it’s for the benefit of both the the Buyer and the Seller.  This is an insurance policy standing behind the validity of the Seller’s conveyance of clear title. Good ‘marketable’ (something I can sell) title unencumbered by liens, clouds, errors or omissions.  Let’s just say there is no title insurance.  A few years go by and the Buyer (the new Owner) gets a notice from a lawyer that they have to pay off a lien, or someone shows up claiming to have an interest in the property but did not receive any money from it.  The Owner calls you and if you signed a warranty deed then you defend that claim.  Unless there’s a title insurance policy. Then they defend the claim.

Palm Beach County – NGVD 1929 converted to NAVD 1988

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With all the talk about Flood Insurance I decided to re-visit this old blog post.

I have an old survey of my property and it shows the finished floor (F.F. EL) of my house as say 8.1′ but this is based upon the NGVD 1929.  How do I convert that to the NAVD 1988 which the new flood maps use?

Why would I need this? I like to know the answer to a question before I ask it.  If my Lender or Insurer tells me I need an elevation certificate or I think I want one then I want to know if I should: A) fight them to apply the correct logic and classify the building and not my land, or 2) Have an elevation certificate done and ask my insurer to apply the post firm rates because I have enough of an elevation difference between the BFE and my finished floor to really get the rates down IF they insist on incorrectly classifying my building.  In order to make this decision I want to know the 1988 FF EL before I push one way or the other.  Also, it can be helpful to dtermine if a forcast storm surge will affect my property.

The Flood Insurance Rate Maps (FIRM) Maps were developed based upon the National Geodetic Vertical Datum of 1929 or NGVD 29. However there is a more current version of this which is the North American Vertical Datum of 1988 (NAVD 88) and the new (as of October 2017) flood zone maps use this new datum. The datum is defined as:

Datum: A reference surface used to ensure that all elevation records are properly related. The National Flood Insurance Program previously used the National Geodetic Vertical Datum (NGVD) of 1929, but all recent FIRMs have used the North American Vertical Datum (NAVD) of 1988. Both datum planes express elevations in relation to sea level. 

So, when we see on the new flood zone maps ZONE AE (EL 6) this means that the Base Flood Elevation (BFE) has been determines and it is 6′ above the NAVD 1988.

To Convert these elevations to the NAVD 88 Datum we use this page…

https://www.ngs.noaa.gov/cgi-bin/VERTCON/vert_con.prl

So, let’s look at 300 Xanadu Place. Looking this up on the County GIS site or where ever we get the Lat/Lon: 26.9247024, 080.0694433 and we see the difference is -1.59′.  (Note that  I recently looked at a property on the St Lucie River in Palm City and the conversion there was -1.45′)  These adjustments vary by location but this is very close to the published Palm Beach County wide ‘ball park’ number of -1.56′.  So in this example location if say the elevation shown on an old survey was 8.1 according to the 1929 datum then the 1988 datum elevation is 8.1′-1.59′ = 6.51′.

And, the flood zones are defined as:

Special Flood Hazard Area (SFHA). An area having special flood, mudflow or flood-related erosion hazards and shown on a Flood Hazard Boundary Map (FHBM) or a Flood Insurance Rate Map (FIRM) Zone A, AO, A1-A30, AE, A99, AH, AR, AR/A, AR/AE, AR/AH, AR/AO, AR/A1-A30, V1-V30, VE or V. For the purpose of determining Community Rating System (CRS) premium discounts, all AR and A99 zones are treated as non-SFHAs.Shaded Zone X is a moderate risk areas within the 0.2-percent-annual-chance floodplain, areas of 1-percent-annual-chance flooding where average depths are less than 1 foot, areas of 1-percent-annual-chance flooding where the contributing drainage area is less than 1 square mile, and areas protected from the 1-percent-annual-chance flood by a levee. No BFEs or base flood depths are shown within these zones. (Zone X (shaded) is used on new and revised maps in place of what was Zone B.)

Palm Beach County Flood Insurance for Real Estate – 2018

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OK, the new Flood Maps are out and effective and I had the ‘opportunity’ recently to learn much more than I ever thought I would want to about flood insurance.  First, for those of us in Palm Beach County, start here (https://maps.co.palm-beach.fl.us/cwgis/?app=floodzones) to determine what flood zone you MIGHT be in.  Flood insurance is based on your building, specifically the lowest floor elevation of the living space, NOT your land.  The problem is that most computer programs, like the one used by the County, can only ‘see’ where a flood zone contour crosses your property line.  If the building is within the aqua colored dotted area or the aqua colored line around this area crosses through your building then at first look your ARE in the Special Flood Hazard Areas (SFHAs) – Zones: A, AE, AH, AO.

If the contour passes close to your building or you think the map is wrong or your lender/insurer refuses to apply the logic outlined in the FEMA Flood Insurance Manual (FIM) on classifying the building (NOT THE LAND) you can apply to FEMA for a Letter of Map Change and ask for a Letter of Map Amendment.  FEMA will tell you what the official determination is.  The process is easy and it’s free if your house was built pre FIRM.

CLICK HERE for my post on how to determine if your house is pre or post FIRM

IF you are in a SFHA, or the line goes through your building or touches it or basically IF YOU ARE GETTING ANYTHING OTHER THAN A ‘PREFERRED RATE’ FLOOD POLICY then you should hire a Land Surveyor to prepare an Elevation Certificate and it all has to do with something called Freeboard.  Freeboard is the distance between the Base Flood Elevation and your finished floor elevation.  In pre FIRM construction all that matters to get the best rates is for the Lowest Adjacent Grade to the building to be higher than the Base Flood Elevation or BFE.  In my area the BFE is shown on the maps as say ‘BFE 6′, which is to say that the Base Flood Elevation has been determined to be 6’ above the 1988 datum or baseline.  I am in Zone X but the zone AE (BFE 6) goes in front of my house.  Let’s look at this and the difference in insurance costs for a Zone X and a Zone AE.  Remember Zone AE is in the SFHA.

FOR POST-FIRM CONSTRUCTION

If you have an elevation certificate (weather your house was pre or post FIRM construction) then you should be able to use the ‘Post FIRM’ Zone AE insurance rates found in the FIM which account for freeboard and are significantly lower.  For comparison.  A pre FIRM (pre 1974) building in Zone B,C,X,AR and A99 pays $344 for a preferred risk policy as a flat rate for 250k of building coverage.  A pre FIRM building in Zone AE, where the AE zone contour goes through your house, is $2,304.  BUT, if you have an elevation certificate and the finished floor inside your house is just 1′ above the 6′ elevation (BFE) then you pay $769 for 250k of coverage.  If your interior floor is 2′ above the 6′ Base Flood Elevation defining this AE Zone then you pay $453 for 250k of building coverage.  I paid $250 for an elevation certificate from Legacy Surveying ([email protected]) in Tequesta.

NOTE FOR PRE-FIRM CONSTRUCTIONhttps://MAIL TO: [email protected]

If you in a pre firm constructed house then you may use the method outlined above OR you may apply for a Letter of Map Amendment with FEMA.  You will need an Elevation Certificate  F-053_EC_May2017_RE_rev an Elevation Form MT-1 Form 2 – Elevation Information Form to do this.  If you are in a pre FIRM constructed house then basically you don’t need much freeboard to get the preferred risk policy rates.  All that is required is that the Lowest Adjacent Grade to your structure be higher than the Base Flood Elevation.  So in my neighborhood most houses are pre FIRM and the Base Flood Elevation is 6′ measured from the 1988 datum and all the houses are the standard slab on grade.  So if the Lowest Adjacent Grade to the house is greater than 6′ then you should apply for a Letter of Map Amendment from FEMA.  This sounds like a big deal but really it’s not.  Here’s a little trick I found.  In my rush for fame and glory I applied through the on line system at the FEMA web site.  They came back and said I needed an Elevation Certificate.  NO reasoning with the bureaucrats on this so I got one. BUT IF I HAD USED THERE PAPER FORM THERE IS PLACE ON IT WHERE A SURVEYOR CAN CERTIFY THE LOWEST ADJACENT GRADE IS ABOVE THE BASE FLOOD ELEVATION.  That’s it. No more documentation should be required.

I APPLIED FOR A LETTER OF MAP REVISION AND I GOT ONE.  CLICK HERE TO READ ALL ABOUT IT.

An Elevation Certificate is well worth it.

Special Flood Hazard Area (SFHA). An area having special flood, mudflow or flood-related erosion hazards and shown on a Flood Hazard Boundary Map (FHBM) or a Flood Insurance Rate Map (FIRM) Zone A, AO, A1-A30, AE, A99, AH, AR, AR/A, AR/AE, AR/AH, AR/AO, AR/A1-A30, V1-V30, VE or V. For the purpose of determining Community Rating System (CRS) premium discounts, all AR and A99 zones are treated as non-SFHAs.

Shaded Zone X is a moderate risk areas within the 0.2-percent-annual-chance floodplain, areas of 1-percent-annual-chance flooding where average depths are less than 1 foot, areas of 1-percent-annual-chance flooding where the contributing drainage area is less than 1 square mile, and areas protected from the 1-percent-annual-chance flood by a levee. No BFEs or base flood depths are shown within these zones. (Zone X (shaded) is used on new and revised maps in place of Zone B.)

Why we live near the water…

How to check my flood zone in Palm Beach County Florida

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So Chris,  How do I find out what my flood zone my house is in, if it is?

In Palm Beach county this is now very easy thanks to the folks in the GIS department at the county.  Go to this web site…

https://maps.co.palm-beach.fl.us/cwgis/?app=floodzones

Just enter your property address and presto.  This tool reports the flood zone designation OF THE ZONE THAT TOUCHES YOUR PROPERTY AND THE “PENDING fLOOD ZONE”.

The Pending flood zone is based upon the maps proposed in Dec 2019.  The adoption of those was put off due to COVID and (thanks in no small aprt to myself) the country contested the accuaracy of tose maps.  And now in 2023 they are appealing the FEMA denial of the contention to basically a committee of scientists.  ANYWAY with risk rating 2.0 the FIRM maps are NO LONGER used to price your flood insurance BUT they are still used by the banks to determine if they will require you to carry flood insurance.  And they are used by the building department to determine how the proeprty can be built upon and/or rebuilt after a flood.

Be aware, just because a flood zone or a Special Flood Hazard Area touches your property, that does not necessarily mean your building is located within the flood zone.  The link above STATES the flood zone of the lot is say an AE if the contour goes through the lot, but it MUST touch the structure. Please carefully note the structure’s location in relation to the SFHA boundaries shown in the viewer to determine whether or not your structure is located within a SFHA.  If it’s in question then the building department will requir and elevation certificate from a surveyor.

If you reside in the unincorporated area and are uncertain please call the Palm Beach County Flood Information Hotline at 561-233-5374. If you reside in a municipality you should contact your local floodplain administrator.

Or, you can also use the FEMA Map Page.

Jupiter Farms Flood Zones

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I updated this post HERE.

The last updates to the FIRM flood maps for Jupiter Farms was October 2017.  Since that time all of Jupiter Farms has been a Flood Zone = X.  (Note, this is NOT the same as the shaded Zone X.) Flood Zone X represents areas outside the 500-year flood plain with less than 0.2% annual probability of flooding. This is NOT in the Special Flood Hazard Area and thus lenders do not require flood insurance. Palm Beach Country Estates does have an area in Flood Zone = AE which is in the SFHA.

In general the flow of water in Jupiter Farms is from the property, into a swale along the street, then into collector canals, and then the main canals and out to the ocean.  As one goes further from the main canals the level of maintenance decreases and thus there are properties in the farms which will flood with a heavy rain but basically this is because a property ‘downstream’ of the subject has not maintained the flow path.

BUT LOOK AT THE FLOOD MAPS TOO!!!  In particular the old maps showed the differences in elevation much more so than the current ones.  Also, flood insurance rating is based on the elevation of your lowest living area.  Some houses in Jupiter Farms have key west style stilt houses but most are an elevated slabs on grade.  Read THIS POST on how much fill one can add to a lot.

The flood zone names have changed so here’s what you’ll see on the county & FEMA web site and how it corresponds,  IN GENERAL.  You will search for your property and see “Effective Flood Zone (October 2017): X”  Most of the Farms shows as a non-printed flood map boundary on the FEMA web site.

Shaded Zone X is a moderate risk areas within the 0.2-percent-annual-chance floodplain, areas of 1-percent-annual-chance flooding where average depths are less than 1 foot, areas of 1-percent-annual-chance flooding where the contributing drainage area is less than 1 square mile, and areas protected from the 1-percent-annual-chance flood by a levee. No BFEs or base flood depths are shown within these zones. (Zone X (shaded) is used on new and revised maps in place of Zone B.)

Special Flood Hazard Area (SFHA). An area having special flood, mudflow or flood-related erosion hazards and shown on a Flood Hazard Boundary Map (FHBM) or a Flood Insurance Rate Map (FIRM) Zone A, AO, A1-A30, AE, A99, AH, AR, AR/A, AR/AE, AR/AH, AR/AO, AR/A1-A30, V1-V30, VE or V. For the purpose of determining Community Rating System (CRS) premium discounts, all AR and A99 zones are treated as non-SFHAs.

FEMA Letter F after new maps issued for North Palm Beach

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So we all know that the FEMA FIRM maps were recently changed and many of us living in northern Palm Beach County may have been affected.  I’ve spoken before about storm surge and the area around the Loxahatchee River is very susceptible to this.  I personally had an interesting turn of events.  The new map shows a tiny sliver of land in my front yard in what is now a Flood Zone AE.  I called the Village of North Palm Beach and they were very helpful and I was told that literally 3 (yes 3) square feet of my front yard is now in the Flood Zone AE.  The maps are compiled based upon  survey records and aerial surveys which may not be 100% accurate down to this level so I was preparing to have a topographical survey done so as to request a Letter of Map Amendment or LOMA from FEMA.  It appears that according to the lenders that if any portion of your property is inside the flood zone then you are lumped intobeing required to have flood insurance and this is what started to happen to us.  My lender sent us a letter stating at first that we were now in a Special Flood Hazard Area, then they sent us a letter stating that since we were now in a SFHA that we would need to prove to them that we have coverage in the correct  levels or they would place the policy for us and that would cost, ready for it, $3,707.17

The funny thing is that on the same date that they sent the letter telling us that we needed flood insurance FEMA sent us a letter (Letter F)..

FEMA_Ltr_F_CMR

Which states that the rated flood zone is a B and the current flood zone is a B.  I looked up what this all means and found this Lenders Guidance Letter on the FEMA site.  The RATED FLOOD ZONE is the flood zone on which your current flood policy is based.  For myself this is a Zone B.  The CURRENT FLOOD ZONE is the flood zone you are currently in ACCORDING TO THE CURRENT FEMA FIRM MAPS.  On this same Lenders Guidance Letter it states in part…

“There is no requirement for the lender to investigate or resolve the difference between the “Current Flood Zone” and the “Flood Risk/Rated Zone”.

LOOK OUT!!!!

First, my initial search of the web said that if any portion of a property is (now) shown in a flood zone then the structure is rated for that flood zone.  This is what the banks do.  The banks use a flood zone determination company to tell them if the property is in a flood zone.  If the flood plain touches any portion of your property then these folks add you to the list of those required to obtain flood insurance.  The bank then generates a letter with a  BIG number quote to force a flood policy on you. They send out the letter that I mentioned above and they are under no obligation to fix anything and they make BIG money in doing all this.  This is where the LOMA comes in because the description for same is: “For a LOMA to be issued by FEMA to remove one or more structures from the SFHA, the NFIP regulations require that the lowest adjacent grade (the lowest ground touching the structure) be at or above the BFE.”  BFE is the Base Flood Elevation.  The Lowest Adjacent Grade is “the lowest point of the ground level immediately next to a building.”  It is up to you to pay attention.  Read these letters and understand them.  I had to send a fax with the FEMA Letter F to my lender.  I also submitted it on line to the bank.  AND I sent it to my Insurance Agent.  YOU CAN REQUEST FEMA TO SEND A LETTER TO YOU WITH THE FLOOD DETERMINATION ON IT FOR A FEE OR $80.  Do this as the first item if you do not think your property (remember, the lowest adjacent grade to the insured structure) is located.

A few things to remember.  I have flood insurance because I choose to.  If I do not speak up then the bank places the property in a flood zone where coverage is required for a conforming loan.  This costs myself and any potential property buyer money and adversely affects the property value.  Also, if I choose to carry insurance that’s my decision but at some time in the future I may foolishly decide to end coverage.  Finally, There’s a big difference in premiums for Zone B properties and Zone AE today and in the future when subsidies are removed and it affects the ability and cost to re-build.

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