OK, so I just got my hands on the new FEMA Flood Insurance Manual (FIM) and there are a few items to discuss to make sure your agent rates your Palm Beach County home. What are the variables?
Since I wrote this they published this Risk Rating 2.0 Rate Explanation Guide
The address or Lat and Long coordinates of the primary insured structure. Where they are estimating the DIFFERENCE in the elevation of the first floor of your house from the Lowest Adjacent Grade (LAG) from space this is important especially on multi acre properties. If you have and Elevation Certificate (EC) from a land surveyor then I would let your agent quote the policy WITHOUT the benefit of this first, then ask what the number is and compare it to those on the EC. On the EC this is C(2)(a)-C(2)(f).
THIS IS NEW. Much like our hurricane insurance a factor in the rating and calculation of the premium is the construction of the home’s first floor of living space.
For the Foundation type in this area MOST of us will have the Foundation Type as a slab on grade or for some of the historic homes it will be a stem wall.
They do also now have “mitigation discounts” just like wind storm policies but unless your AC AND the water heater are above your first floor ceiling the forget it.
