national flood insurance program

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

regular flood insurance program

once all flood hazard zones in a community are identified, homeowners and renters are low and moderate risk zones can buy flood insurance

general property form elibility

provides building and contents coverage for residential buildings with five or more units & certain types of non residential properties

coverage d- increased cost of compliance

NFIP provides up to $30,000 of coverage for increased cost of compliance. example is ordinance and law cost

flood

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. can come from overflow of tidal waters, unusual and rapid accumulation of runoff or mudflow collapse or subsidence of land along the shore of a body of water

national flood insurance program

administered by FEMA and created to share the risks of flood losses through a single insurance program covering entire country and to reduce flood damage by restricting development in flood plains

emergency flood insurance program

as soon as the community's SFHA is identified, all properties in the base flood zone become eligible for flood insurance at emergency program rates

coverage b- covered personal property

covers property owned by the named insured or household family members; applies only to property inside of the fully enclosed building

mobile homes

eligible and must be affixed to a permanent foundation and anchored if it is located in an SFHA

building property eligibility

for a building to be insurable under a flood policy, it must have two or more outside rigid walls, have a fully secured roof affixed to a permanent location, have at least 5% of the property above ground level

community participation and eligibility

for residents to be eligible for flood coverage, a community must participate in the NFIP program. community participation is based on its flood insurance rate map (FIRM), which identifies all of the flood hazard zones in the community

coverage a- covered building property

includes additions and extensions attached to the building by means of a common wall, stairway or walkway or roof; includes attached fixtures, machinery and equipment within the building

coverage c- other coverages

includes debris removal, property removal, sandbagging expenses, pollution damage

ineligible building property

includes the following; container type structures, buildings constructed entirely over water, buildings in which 50% or more of the structure is below ground level

write-your-own (wyo) programs

issue flood policies on their own "paper" (under their own name) and receive an expense allowance for policies written and claims processed. fed gov't has full responsibility for covering losses

dwelling form eligibility

issued to homeowners, residential renters and owners of residential buildings containing 1-4 units

residential condominium building association form eligibility

issued to residential condo associations on behalf of the association and its unit owners

special flood hazard areas (sfha)

sometimes called base flood zone or flood plan, have a 1% chance of being flooded, or on average once every 100 years. mortgage lenders require insurance here

contents eligibility

to be eligible, contents must be located in a fully enclosed building or secured to prevent flotation out of the building

deductibles

under emergency program- $2000 applies under standard program- ranges from $1000 to $5000 up to $50000 is available on non residential buildings and contents

actual cash value

used with 2/3/4 family dwellings, detached garages, personal property, appliances and carpets, outdoor equipment, dwelling not on insured's premises

special loss settlement

used with manufactured homes or travel trailers serving as the insured's principal residence

replacement cost

valuation method is used with single family dwellings


Kaugnay na mga set ng pag-aaral

Theology Church History Chapter 2

View Set

Practice Questions for Level 1 and Level 2 Preview

View Set

HW 3 Ch 04 Everyday Biology: A Future Without Antibiotics? (Watching the video)

View Set