What type of flood insurance rate applies if the lowest floor of a building is 2 or more feet below the BFE?

When the lowest floor of a building is 2 or more feet below the Base Flood Elevation (BFE), the insurance rating applied is typically "Submit for rate." This classification indicates that the property is at a higher risk for flooding due to its significant elevation below the BFE. As a result, it does not qualify for standard rates and requires a more detailed review to determine an appropriate insurance premium. This process involves submitting specific information to the insurance provider so they can assess the risk and calculate an appropriate rate based on the property's unique characteristics and flood risk.

In contrast, a "Standard rate" typically applies to properties that are at or above the BFE. "Write your own rate" may not apply to standard National Flood Insurance Program (NFIP policies, which generally require specific guidelines for determining rates. Lastly, "Preferred risk rate" is reserved for lower-risk properties, usually those that are located in less hazardous flood zones or areas with minimal flood risk, which does not apply when the property is significantly below the BFE.