Why Foundation and Elevation Height Are Important When Quoting Private Flood
Flood season is upon us, and that means its time to make sure we are covered from potential water damage.
Flood Underwriter Albert Garcia can teach us not only about Flood products (Private Flood and NFIP), but also why its important to be thorough when quoting, and he has a few things to add when it comes to Foundation and Elevation.
How do we determine the height of the home’s elevation? The carrier is rating based on the height from the ground floor to the top of the first livable floor.
- When the elevation height is established, next you’ll be asked if there is an enclosure.
- If yes, is it finished or unfinished? These details provide valuable insight and effects the way the premium is treated.
Why is the foundation type important?
Indicating that a home is “slab on grade” instead of elevated will greatly increase the premium. Elevated buildings typically pay less in premium than those without space between the home and the ground floor.
In addition, here is a guide to use when considering foundation types.
Non-elevated, slab-on-grade foundation
Non-elevated with basement
Elevated, on piers, posts, or piles
Elevated, with finished enclosure (for ex: with windows)
Elevated, with unfinished enclosure
Elevated, with crawlspace
Elevated, with attached garage
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