Insurance Expert Explains Flood Insurance Options and Elevation Certificate Benefits

On July 15, 2025, Ithaca City held a public information session focused on flood insurance and the Federal Emergency Management Agency (FEMA) flood maps, addressing critical concerns for local residents regarding flood risk and insurance options. The meeting highlighted the importance of understanding flood zones and the implications for property owners, particularly in light of recent weather patterns and rising water levels.

A key topic discussed was the process of obtaining elevation certificates, which are essential for determining whether a property is in a special flood hazard area. These certificates detail a building's elevation in relation to the base flood level and can be crucial for homeowners seeking to avoid mandatory flood insurance. The process requires a licensed surveyor or engineer, and while it can be costly—ranging from $300 to $2,000—it can ultimately save homeowners from high insurance premiums if their property is deemed safe.

Participants learned about the differences between letters of map amendments and letters of map revisions, both of which can alter a property’s flood insurance requirements. The session emphasized that while FEMA does not charge for these letters, the associated costs of obtaining the necessary documentation can be significant.

The discussion also covered the variability of flood insurance premiums, which can range from $500 to $8,000 depending on various factors such as property elevation, location, and past flood losses. For instance, a property in Ithaca was quoted premiums of $3,808 through the National Flood Insurance Program, while private insurers offered rates as low as $1,354 for the same coverage. This disparity underscores the importance of shopping around for insurance and considering private market options.

To mitigate insurance costs, attendees were advised on several strategies, including elevating utilities, installing flood vents, and considering structural modifications to properties. These measures not only enhance safety but can also lead to lower insurance premiums.

The session concluded with a reminder of the critical nature of flood insurance, illustrated by personal anecdotes from residents who experienced flooding. The discussions reinforced the necessity for homeowners to be proactive in understanding their insurance options and the potential risks associated with living in flood-prone areas.

As Ithaca continues to navigate the challenges posed by climate change and flooding, the city plans to hold further sessions to educate residents on flood preparedness and insurance options, ensuring that the community is well-informed and equipped to handle future flood risks.