Post-FIRM

A building constructed before the effective date of the first Flood Insurance Rate Map (FIRM) for a community. Pre-FIRM buildings were built before current floodplain management regulations and often do not meet modern elevation requirements. These structures typically qualify for subsidized flood insurance rates under the National Flood Insurance Program, though these subsidies are being phased out. Pre-FIRM buildings can maintain grandfathered rates if they met the floodplain management requirements in effect at the time of construction. When Pre-FIRM buildings undergo substantial improvement or substantial damage, they must be brought into compliance with current standards.

Flood Insurance Rate Map - an official map created by FEMA that shows flood risk zones, base flood elevations, and floodplain boundaries for a community. FIRMs are used to determine flood insurance requirements and premium rates under the National Flood Insurance Program. These maps identify Special Flood Hazard Areas where flood insurance is mandatory for federally backed mortgages. Property owners can use FIRMs to understand their flood risk and make informed decisions about insurance coverage and property improvements. Maps are periodically updated as flood risk data changes.

An official FEMA document that provides elevation information about a building's lowest floor and the ground elevation around the structure. Prepared by a licensed surveyor or engineer, this certificate is used to determine accurate flood insurance premium rates under the National Flood Insurance Program. Properties built at or above the Base Flood Elevation typically qualify for lower insurance rates. An Elevation Certificate may be required when purchasing flood insurance, refinancing a mortgage, or applying for a Letter of Map Amendment. The certificate is valid indefinitely unless the property or surrounding area is significantly altered.

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 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.