flood

cOMMUNITY

IN ORDER TO participate in the NFIP A COMMUNITY MUST first apply for admittance to the program. The community must also request a study of the areas flood potential. A flood boundary map id developed from the results of the study. At this point, the community will have limited flood coverage amounts made available. The community is then said to be in the EMERGENCY pROGRAM. The next level for a community to work toward is the Regular Program. To achieve this there needs to be a more detailed study of the community. A flood insurance rate map is published using the results of the detailed study. In addition to development of the FIRM, the community agrees to adopt and enforce sound floodplain management regulations and ordinances. These regulations and ordinances construction codes and zoning rules need to be designed to lessen or eliminate future flooding .

Three types of eligibility in the NFIP

cOMMUNITY BUILDING AND CONTENTS

What is NOT covered

Wind driven rain not covered. However, some homeowners policies provide the coverage or a separate policy may be taken out. although wind can drive rain through damaged windows or door and can enter through a hole in the roof the source of the water is not from the ground up which is where the water from a flood comes in. For this reason wind driven rain is not covered under flood.

exclusions

a basic concept that would apply to exclusions within a flood policy is that, generally, when it comes to the physical property of a home or a business property , whatever a homeowner's or a business policy covers, the flood insurance policy will not. Flood insurance, again is a single peril policy. A review of the Genral Property Policy the residential condominium building association policy and the preferred risk policy shows the exclusions are the same for all of these policies. Below are the flood insurance exclusions as they appear in a flood policy we only provide coverage for direct physical loss by or from flood, which mens that we do not pay you for . Loss of revenue or profits loss of access to the insured property or described location, loss of use of the insured property loss from interruption of business or productions any additional living expenses incurred the cost of complying with any ordinance or law requiring or regulating the construction demolition remodeling renovation or repair of property including removal of any resulting debris. This exclusion does not apply to any eligible activities the the describe in Coverage d increased cost of compliance or any other economic loss. we do not insure a loss directly or indirectly caused by a flood that is already in progress at the time and date.The policy term begins or coverage is added at your request we do not insure for loss to property caused directly by earth movement even if the earth movement is caused by flood. Some examples of earth movement that we do not cover are earthquakes landslide land subsidence sinkholes destabilization or movement of land that results from accumulation of water in subsurface land area or gradual erosion. we do however pay for losses from mudflow and land subsidence as a result of erosion that are specifically covererd under our definition of flood- not covered the pressure or weight of ice freezing or thawing rain snow sleet hail or water spray water moisture mildew or mold damage that results primarily from any condition water or waterborne material that the pressure or weight of water unless there is a flood in the area and the flood is proximate cause of the damage from he pressure or weight of water per heating or cooling failure unless the failure results from direct physical loss by or from flood to power heating or cooling equipment not he described location theft fire explosion wind or windstorm anything you or any member of your household do or conspire to do to cause loss by flood deliberately or alteration of the insured property that significantly increases the risk of flooding . we don't to insure for loss to any building or personal property located on lan leased from the federal Government arising from or incident to the flooding of the land by the Federal Government harmless under flood insurance issued under federal government program. we do not pay for the testing for or monitory of pollutants unless required by law or ordinance.

building

an eligible building for flood insurance must be located in an eligible community. An eligible building must have 50% or more of the value above ground. in other words, if there is a basement, at least half or more of the building must be above the surface the landing not bellowing the basement. The basement must be a structure with two or more outside right walls and a fully secured roof and it must be fixed to a permanent site.

flood

as used in a flood insurance policy is a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties ( at least one of which is the property being insured by the flood policy) caused by overflow of inland tidal waters Unusual and rapid accumulation or runoff of a surface waters from any source Mudflow collapse or substance of land along the shore of a lake or similar body of water as a result of erosion or undrerdermining caused by waves or currents of water exceeding anticipating cyclical levels that result in a flood

types of coverage for flood

coverage a-is for buildings-coverage b is for personal property coverage c is for other coverage such as debris removal, loss avoidance measures, and property removed to safety and more coverage d is for increased cost of compliance. There are conditions exclusions deductible and general conditions

contents

eligible contents must be located in a fully enclosed building or secured to prevent flotation out of the building . Certain property in basements and under elevated floors of buildings is excluded from coverage. contents coverage is not automatically included with a flood insurance policy and is sold separately

coverage d

for increased cost of compliance. It has a set of exclusions as follows. The cost to comply with any floodplain management law or ordinance in communities participating in the Emergency Program. The cost associated with enforcement of any ordinance or law that requires any insured or others to test for monitor clean up remove contain treat detoxify or neutralize or in any way respond to or assess the effects of pollutants the loss in value to any insured building or other structure due to the requirements of any ordinance or law the loss in residual value of the undamaged portion of a building demolished as a consequence of enforcement of any State or local floodplain management law or ordinance.

National flood insurance program

fully backs private insurance carriers that write flood insurance through a WRITE YOUR OWN program

whats covered

hurricanes, rivers, and tidal waters can be covered icon of the following criteria is met. If the damage is confined to a single property, the floodwater must cover at least two acres. OR a general condition of flood also exists if two adjacent properties are affected one belonging to the insured. SEWER BACKUP AND WATER SEEPAGE WILL BE COVERED as long as the cause of the backup and seepage is a direct result of a flood. THE BASEMENT- think of flood insurance as coverage for the essentials in your basement that are necessary to support the physical building. THIS INCLUDES THE FOUNDATION ELEMENTS AND EQUIP,ENT NEEDED TO SUPPORT THE THE STRUCTURE. soME EXAMPLES OF THESE WOULD BE A FURNACE, WATER HEATERS, AND CIRCUIT BREAKERS. items such as washing machines, dryers and freezers along with the flood init are considered contents. Coverage for these types of items or other contents in your basement must be purchased separately as we have discussed for other types of structures. Improvements to a basement such as finished walls, floors, ceilings or personal belongings are not covered under a flood policy a separate content policy must be purchased.

dwelling policy

issued to homeowners residential renter or owners of residential building containing two to four units

the general property policy form

issued to owners of residential building with five or more units and to owners or lessees of non residential building or units. The policy applies to all buildings and or contents not eligible to be insured under the dwelling form, except those eligible for the condominium policy. General property policies are sold in communities participating in the nfip

residential condominium building association policy form

issued to residential condominium associations on behalf of association and unit owners. these policies are sold in participating nfip regular program communities only. They provide building coverage and, if desired, coverage of commonly owned contents for residential condominium buildings with 75% or more of its total floor area in residential use.

Preferred RISK Policy

offers multiple coverage combinations for both buildings and contents ( or contents only, for renters) that are located in low to moderate risk areas. Preferred risk policies are available for residential or non residential buildings also located in these zones that meet eligibility requirements based on the building entire flood loss history.