Freeboard

The computed elevation to which floodwater is anticipated to rise during a base flood (a flood with a 1% chance of occurring in any given year, also called a 100-year flood). Shown on FEMA Flood Insurance Rate Maps (FIRMs), the BFE is used to determine flood insurance premiums and building requirements. Structures built below the BFE face higher insurance costs and greater flood risk. Local building codes typically require new construction in flood zones to have the lowest floor elevated at or above the BFE. Knowing your property's BFE is crucial for flood risk assessment and insurance decisions.

The elevation of the design flood, which is the flood magnitude selected for floodplain management purposes and used to establish regulatory requirements. The DFE typically equals the Base Flood Elevation plus any freeboard required by the community. Local governments adopt DFE standards that meet or exceed FEMA's minimum BFE requirements to reduce flood risk and qualify for Community Rating System discounts. New buildings and substantial improvements must have their lowest floor (or lowest horizontal structural member in V zones) at or above the DFE. Compliance with DFE requirements is verified through Elevation Certificates.

A program administered by FEMA that provides flood insurance premium discounts to residents of communities that implement floodplain management practices beyond NFIP minimum requirements. Communities earn points through activities in four categories: public information, mapping and regulations, flood damage reduction, and warning and response. Points determine the community's CRS class (1-10), with each class providing a 5% premium discount in Special Flood Hazard Areas. Class 1 communities receive a 45% discount. The program encourages communities to reduce flood risk, protect natural floodplain functions, and facilitate accurate insurance rating. CRS communities must recertify annually and undergo detailed verification every few years.

Insurance coverage that protects against losses from flooding, which is specifically excluded from standard homeowners and renters insurance policies. Flood insurance covers direct physical losses caused by flooding, including overflow of inland or tidal waters, unusual accumulation of surface water, mudflow, and collapse of land along a body of water. Available primarily through the National Flood Insurance Program (NFIP) or private insurers, with a typical 30-day waiting period before coverage takes effect. Essential for properties in flood zones but recommended for all properties since 25% of flood claims come from low-risk areas.

The repayment value for indemnification due to loss or damage of property; in most cases it is replacement cost minus depreciation.

The decrease in value of property over time due to wear, tear, age, or obsolescence.

The cost to replace damaged or destroyed property with new property of similar kind and quality, without deduction for depreciation.

Insurance coverage that protects your home and personal property against damage, theft, and liability claims.