Flood Insurance 5-A
General Property Form
- Insures non-residential buildings and their contents. -Residential buildings that do not meet the requirements specified by the Dwelling Form may also be insured under the General Form.
Write Your Own (WYO) Program
-Lets private insurers sell standardized NFIP policies, collect premiums, adjust claims, and pay losses. -The federal government lets these private companies keep a certain percentage of the premiums they collect to cover their operating expenses, and the rest goes into accounts set up by the NFIP.
Flood
1. Temporary inundation of 2 or more acres or properties caused by: - overflow of inland or tidal waters - rapid accumulation of surface water or runoff -mudflow 2. Collapse of land along the shore of a lake or other body of water which causes overflow of inland waters
Base Flood Elevation (BFE)
The elevation that this 100-year flood would reach - as its standard to regulate new developments and determine premiums.
National Flood Insurance Act
Establish 1968, the NFIP, which falls within the jurisdiction of The Federal Emergency Management Agency (FEMA)
National Flood Insurance Program
Flood insurance, only available for certain communities. Can be purchased. Agree to maintain flood plan management strategies
Dwelling Form
For one-, two-, three- or four-family residential dwellings or condominium units, as well as residential contents.
Standard Flood Insurance Policy (SFIP)
Governed by Federal law and is not subject to state departments of insurance or state and local courts.
Residential Condominium Building Association Policy RCBAP
Insures residential condo associations.
Flood Insurance Rate Map - FIRM
Outlines the special hazard areas and flood zones in a given community
Base Flood
Regulatory Standard The flood having a one percent chance of being equaled or exceeded in any given year (also referred to as the "100-year flood").
NFIP Direct Program
The federal government uses to issue policies and handle the resulting claims directly