Knapp Associates is often contacted relative to an excessive flood insurance premium rate on a structure. Often, this may be an indication of a non-compliant post FIRM structure or a misunderstanding of the information provided to the insurance agent.

Rating errors may be caused by:

Incorrect Flood Zone Determine for structure.

Pre or Post FIRM structure or unable to document.

Elevation of lowest floor to include basement or crawl space.

Elevation of lowest floor relative to highest adjacent grade.

Use of a base or 100 year flood elevation from the FIRM and not the Flood Insurance Study profile.

Considering the structure substantially improved.

Not requiring an Elevation Certificate on post FIRM new construction and substantial improvements.

It is important to remember that if you pay less flood insurance premium than required and then submit a claim, FEMA may retain the amount of the unpaid premium from the claim amount or require submission of the additional premium prior to paying a claim.