Flood
Coastal Barrier Resources Act
Flood insurance may not be available for buildings and/or contents located in coastal barriers or otherwise protected areas.
True
True or False: The Regular Program is the final phase of a community´s participation in the NFIP.
True
True or False: The authors of the original study of the NFIP thought that the passage of time, natural forces, and more stringent floodplain management requirements and building codes would gradually eliminate the number of Pre-FIRM structures.
True
True or False: The only appurtenant structure covered by the SFIP is a detached garage at the described location, which is covered under the Dwelling Form.
True
True or False: The purchase of flood insurance is mandatory as a condition of receipt of federal or federally-related financial assistance for acquisition and or construction of buildings in SFHAs of any participating community.
SFHA
Special Flood Hazard Area
Dwelling Policy
An insurance policy that covers buildings and the personal property inside
Special Flood Hazard Area (SFHA)
Land areas that are at high risk for flooding
Map scale
The Floodway Map may have the same or a different scale than the FIRM for the same community.
Tropical Storm Agnes
Tropical Storm leading to the creation of Flood Disaster Protection Act of 1973
Floodway
a mapped region likely to be flooded, in which people avoid constructing buildings
Replacement Cost (RCV)
Cost to replace property at current prices without depreciation
Lowest Floor
the floor of the lowest enclosed area, except for unfinished or flood-resistant enclosures used solely for parking of vehicles, building access, or storage.
Mudflow
A river of mud is covered under the NFIP
$100,000
Program Flood Insurance Coverage for Contents of Residential Buildings
FEMA established in
1979
In March of 2003
FEMA became part of the newly created U.S. Department of Homeland Security.
NFIP
National Flood Insurance Program
FIMA
federal insurance and mitigation administration
The only appurtenant structure covered by the SFIP
A detached garage at the described location, which is covered under the Dwelling Form
Actual Cash Value (ACV)
Cost to replace property at current prices with depreciation
Dwelling Form
A form issued to the homeowner, residential renter, or owner of residential building containing two to four units.
4th part of National Flood Insurance Act
A program of flood insurance with large-scale participation of the federal government and the maximum extent practicable by the private industry was feasible and could be initiate
Mudslide
A slope which becomes over-saturated and collapses is generally not covered under the NFIP
Appurtenant Structure
A structure belonging to the insured structure, such as a tool shed.
Manufactured (Mobile) Homes
A structure built on a permanent chassis, transported to its site in one or more sections, and affixed to a permanent foundation); or A travel trailer without wheels, built on a chassis and affixed to a permanent foundation, that is regulated under the community's floodplain management and building ordinances or laws.
Binder
A temporary agreement between company, producer, and insured that the policy is in effect. These are not permitted under the NFIP.
Standard Flood Insurance Policy (SFIP)
Additional Living Expenses, Loss of Use, or Loss of Income coverages are not included
$30,000
Amount to help pay the costs to bring their home or business into compliance with their community's floodplain ordinance.
Purpose of National Flood Insurance Act
Authorize a flood insurance program that, over time, could be made available on a nationwide basis through the cooperative effort of the federal government and the private insurance industry. Provide flexibility in the program so that such flood insurance would be based on workable methods of pooling risks, minimizing costs, and distributing burdens equitably Encourage state and local governments to use wisely the lands under their jurisdictions by considering the hazard of flood
Federal Land
Buildings and/or contents located on land owned by the federal government are eligible for flood insurance if the federal agency having control of the land has met floodplain management requirements. All of this land is recorded under the local community number even if that local community does not have jurisdiction.
Buildings in the Course of Construction
Buildings that have yet to be walled and roofed are eligible for coverage except when construction has been halted for more than 90 days and/or if the lowest floor used for rating purposes is below the Base Flood Elevation (BFE)
ISO Policy's Format
Coverage A - Dwelling Coverage B - Other Structures Coverage C - Personal Property Coverage D - Fair Rental Value Coverage E - Additional Living Expense
Four Options of ICC coverage
Elevation. This raises your home or business to or above the flood elevation level adopted by your community; Relocation. This moves your home or business out of harm's way; Demolition. This tears down and removes flood-damaged buildings; Flood proofing. This option is available primarily for non-residential buildings. It involves making a building watertight through a combination of adjustments or additions of features to the building that reduces the potential for flood damage.
Theft Fire Windstorm and wind Explosion Earthquake Gradual erosion or any other earth movement (except covered as defined by the policy)
Even if a general condition of flooding was the proximate cause of the loss, the following perils are among those for which damages are not afforded coverage by the SFIP
REGULAR PROGRAM OF THE NFIP
FEMA authorizes the sale of additional flood insurance in the community up to the Regular Program limits. Community implements adopted floodplain management measures. FEMA arranges for periodic community assistance visits with local officials to provide technical assistance regarding complying with NFIP floodplain management requirements. Local officials may request flood map updates as needed. FEMA evaluates requests, encourages cost-sharing, and issues revised maps as priorities dictate.
EMERGENCY PROGRAM OF THE NFIP
FEMA authorizes the sale of flood insurance in the community up to the Emergency Program limits. FEMA assesses the community's degree of flood risk and development potential, and if appropriate... FEMA arranges for a study of the community to determine base flood elevations and flood risk zones. Consultation with the community occurs at the start of and during the study. Communities with minimal or no flood risk are converted to the Regular Program without a study. FEMA provides the studied community with Flood Insurance Rate Map delineating base flood elevations and flood risk zones. Community is given 6 months to adopt base flood elevations in its local zoning and building code ordinances, and to meet other requirements. Community adopts more stringent ordinances and FEMA converts the community to the NFIP's Regular Program.
WHY FLOOD INSURANCE IS BETTER THAN DISASTER ASSISTANCE
Flood insurance is far better protection than depending on Federal disaster assistance, which is available only if a disaster is Federally declared.
Participating (Eligible) Communities
Flood insurance may be written only in those communities that have been designated as participating in the National Flood Insurance Program (NFIP) by the Federal Emergency Management Agency (FEMA)
Suspension
Flood insurance may not be sold or renewed in communities that are suspended from the NFIP. When a community is suspended, coverage remains in effect until expiration. These policies cannot be renewed.
RESIDENTIAL CONDOMINIUM BUILDING ASSOCIATION (RCBAP) POLICY
Flood insurance protection for eligible residential buildings and building elements within individual units is most cost efficiently managed by the condominium association
1st part of National Flood Insurance Act
Flooding disasters required unforeseen disaster relief and placed an increased burden on the nation's resources
Buildings Partially Over Water
Follow "submit for rate" instructions in the Rating section. However, Pre-FIRM buildings are eligible for normal Pre-FIRM rates
Title Block
Includes the community name, county name, panel number, community number, and the map date. The panel numbers may be different from the FIRM panel numbers.
National Flood Insurance Fund
Funding for the NFIP is through?
Federal Insurance Administration (FIA)
Identify all flood prone areas within the United States. Establish flood-risk zones within flood prone areas. This is now the responsibility of FEMA's Mitigation Division.
INCREASED COST OF COMPLIANCE COVERAGE (ICC)
If your home or business is damaged by a flood, you may be required to meet certain building requirements in your community to reduce future flood damage before you repair or rebuild. To help you cover the costs of meeting those requirements, the National Flood Insurance Program (NFIP) includes this coverage for all new and renewed Standard Flood Insurance Policies.
Probation
Imposed by the FEMA Regional Director, occurs as a result of noncompliance with NFIP floodplain management criteria. A community is placed on this for 1 year (may be extended), during which time a $50 surcharge is applied to all NFIP policies, including the Preferred Risk Policy, issued on or after the surcharge effective date.
Goals of House Document 465, "A Unified National Program for Managing Flood Losses"
Improve basic knowledge about flood hazards, Coordinate and plan new developments in the floodplain, Provide technical services Move toward a practical national program of flood insurance and Adjust Federal flood control policy to sound criteria and changing needs
Amendments to National Flood Insurance Act of 1968 and Flood Disaster Protection Act of 1973
Increase compliance by mortgage lenders with the mandatory purchase requirement and improve coverage, Increase the amount of flood insurance coverage that can be purchased, Provide flood insurance coverage for the cost of complying with floodplain management regulations by individual property owners (Increased Cost of Compliance coverage), Establish a Flood Mitigation Assistance grant program to assist States and communities to develop mitigation plans and implement measures to reduce future flood damages to structures, Codify the NFIP's Community Rating System; and, Require FEMA to assess its flood hazard map inventory at least once every 5 years.
Maps of participating communities
Indicate the degree of flood hazard so that actuarial premium rates can be assigned for insurance coverage on properties at risk.
Loss avoidance
Is limited to $1,000 for the cost of sandbags, temporary levees, pumps and plastic sheeting and lumber, including the value of your work. An additional $1,000 is available for the cost of moving insured property to protect it from flood. These benefits do not increase the limit of insurance
What is a SFHA?
Land within the floodplain of a community subject to a 1 percent or greater chance of flooding in any given year, commonly referred to as the 100-year flood
3rd part of National Flood Insurance Act
Many factors made it uneconomical for the private insurance industry carriers to make flood insurance available to those in need of such protection on reasonable terms and conditions
To be insurable under the NFIP, a mobile home:
Must be affixed to a permanent foundation. A permanent foundation for a manufactured (mobile) home may be poured masonry slab or foundation walls, or may be piers or block supports, either of which support the mobile home so that no weight is supported by the wheels and axles of the mobile home. Must be anchored if located in a Special Flood Hazard area. For flood insurance coverage, all new policies and subsequent renewals of those policies must be based upon the specific anchoring requirements identified below.
Rescission
Participating communities in the Emergency Program remain in the Emergency Program if an FHBM is rescinded
Single Peril Policy
Pays for direct physical damage to insured property. The Federal government backs these policies covering only flood damage.
$500,000
Program Flood Insurance Coverage for Contents of Non-Residential Buildings
Flood Disaster Protection Act of 1973
Prohibits Federal agencies from providing financial assistance for acquisition or construction of buildings and certain disaster assistance in the floodplains in any community that did not participate in the NFIP by July 1, 1975, or within 1 year of being identified as flood-prone
National Flood Insurance Act of 1968
Required owners who finance property with federal or federal related mortgage loans, in flood prone areas known as special flood hazard areas (SFHAs) to obtain flood insurance.
Mandatory Flood Insurance Purchase Requirement
Required that Federal agencies and federally insured or regulated lenders had to require flood insurance on all grants and loans for acquisition or construction of buildings in designated Special Flood Hazard Areas (SFHAs) in communities that participate in the NFIP
Flood Boundary Floodway Map (FBFM)
Shows how the floodplain is divided into the floodway and flood fringe where streams are studied in detail. They also show general floodplain areas where floodplains have been studied by approximate methods.
True
True or False: Single family dwellings are non-condominium residential buildings designed for principal use as a dwelling place for one family, or a single family dwelling unit in a condominium building.
Additions and Alterations
Supplemental policy covers the costs of any improvements or betterments you have made to the apartment since moving in, like custom cabinetry or deluxe flooring.
False
True or False: The Coastal Barrier Resources Act was implemented as part of a Department of the HUD initiative to minimize loss of human life by discouraging development of areas Congress designates as a Coastal Barrier Resources System and Otherwise Protected.
True
True or False: The National Flood Insurance Program (NFIP) was established by the National Flood Insurance Act of 1968.
True
True or False: There is no coverage for landscaping, trees or outdoor furniture.
Debris Removal
The cost of doing this on your property, and the cost of doing this (of your property) that is on someone else's property is covered, but it's subject to the limit of the policy. You will be compensated at the Federal minimum wage if you perform the work yourself.
Regular Program
The final phase of a community's participation in the NFIP. In this phase, a Flood Insurance Rate Map is in effect and full limits of coverage are available.
True
True or False: If your home or business is damaged by a flood, you may be required to meet certain building requirements in your community to reduce future flood damage before you repair or rebuild.
Emergency Program
The initial phase of a community's participation in the NFIP. Limited amounts of coverage are available.
2nd part of National Flood Insurance Act
The installation of flood preventive and protective measures and other public programs designed to reduce losses caused by flood damage had not been sufficient to adequately protect against the growing exposure to flood losses as a matter of national policy.
False
True or False: In addition to providing flood insurance and reducing flood damages through floodplain management regulations, the NFIP identifies and maps the Nation's weather.
False
True or False: Insurance may be written only on a structure with four or more outside rigid walls and a fully secured roof that is affixed to a permanent site.
Boathouses Located Partially Over Water
The non-boathouse parts of a building into which boats are floated are eligible for coverage if the building is partly over land and also used for residential, commercial, or municipal purposes and is eligible for flood coverage
Flood Insurance Rate Map (FIRM)
The official map of the community containing detailed actuarial risk premium zones.
Cross section line
These lines represent the location of some of the surveyed cross sections used in the computer model of the stream for calculating 100-year flood elevations. Can be used to relate a specific point on the Floodway Map to the flood profile and floodway data table.
Repetitive Loss Target Group Properties
These must be processed by the NFIP Special Direct Facility.
False
True or False: A dwelling policy is an insurance policy that covers buildings but not the personal property inside.
True
True or False: A key clarification of the Reform Act is that flood insurance must be obtained and maintained during the term of the loan.
True
True or False: Buildings and/or contents located on land owned by the federal government are eligible for flood insurance if the federal agency having control of the land has met floodplain management requirements.
True
True or False: Buildings in the course of construction that have yet to be walled and roofed are eligible for coverage except when construction has been halted for more than 90 days and/or if the lowest floor used for rating purposes is below the Base Flood Elevation.
True
True or False: Contents coverage can be purchased separately, or added to all policy forms for an extra premium provided the contents are in an insurable building.
True
True or False: Flood insurance does not cover basement improvements, such as finished walls, floors, ceilings or personal belongings that may be kept in a basement.
False
True or False: Flood insurance for homes or small businesses can only be purchased directly from the federal government.
True
True or False: Flooding is defined by the NFIP as a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area.
False
True or False: If a home is insured for less than 80 percent of its full replacement cost or the maximum coverage amount of $250,000, or it is not a primary residence, NFIP will NOT pay the actual cash value for the damage.
True
True or False: If you have a flood insurance policy, you can be reimbursed for all your covered losses, even if a disaster is not federally declared.
True
True or False: Land areas that are at high risk for flooding are called Special Flood Hazard Areas (SFHAs), or floodplains.
Flood Hazard Boundary Map (FHBM)
Usually the initial map of a community. Some communities entering the Regular Program will continue to use FHBMs renamed a Flood Insurance Rate Map (FIRM), if there is a minimum flood hazard.
BASE FLOOD ELEVATION (BFE)
Water surface elevation resulting from the Base Flood (or "1% Chance Flood") that is tied into a known vertical datum. The base flood is used by the NFIP as the basis for mapping, insurance rating, and regulating new construction.
Paneling, bookcases, and window treatments such as curtains and blinds; Carpeting, area carpets, and other floor coverings such as tile; Drywall for walls and ceilings (below lowest elevated floor); Walls and ceilings not made of drywall; Most personal property such as clothing, electronic equipment, kitchen supplies, and furniture.
What is not insured by either Building Property or Personal Property coverage in areas below the lowest elevated floor and basements?
Non-Participating (Ineligible) Communities
When FEMA provides a non-participating community with a Flood Hazard Boundary Map (FHBM) or Flood Insurance Rate Map (FIRM) delineating its flood-prone areas, the community is allowed 1 year in which to join the NFIP. If the community chooses not to participate in the NFIP, flood insurance is not available.
Flooding
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 (one of which is yours) from: Overflow of inland or tidal waters Unusual and rapid accumulation or runoff of surface waters from any source, Mudflows, Collapse or subsidence of land along the shore of a lake or other body of water, as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood.
Flood Insurance Rate Map (FIRM)
A map that shows exact boundaries for special flood hazard areas, the various flood zones, and base flood elevations.
Elevated building-V and V1-V30 zones
A non-basement building built to have the bottom of the lowest horizontal structural member of the elevated floor elevated above the ground level by means of pilings, columns (posts and piers), or shear walls parallel to the flow of water and adequately anchored so as not to impair the structural integrity of the building during a flood of the magnitude of the base flood. Elevated building also includes structures which have the lower area enclosed by means of breakaway walls if the breakaway walls meet the standards.
Elevated building-A and A1-A-30 zones
A non-basement building built to have the top of the elevated floor elevated above the ground level by means of pilings, columns (posts and piers), or shear walls or by means of fill or solid foundation perimeter walls with openings sufficient to facilitate the unimpeded movement of floodwaters.
Accessory structure
A structure which is on the same parcel of property as a principal structure and the use of which is incidental to the use of the principal structure
Eligible Buildings
A structure with two or more outside rigid walls and a fully secured roof that is affixed to a permanent site. Buildings must resist flotation, collapse, and lateral movement. At least 51 percent of the actual cash value of buildings, including machinery and equipment, which are a part of the buildings, must be above ground level, unless the lowest level is at or above the Base Flood Elevation (BFE) and is below ground by reason of earth having been used as insulation material in conjunction with energy-efficient building techniques.
Non-Special Flood Hazard Area (NSFHA)
An area that is in a low to moderate-risk flood zone (Zones B, C, X Pre- and Post-FIRM). Not in any immediate danger from flooding caused by overflowing rivers or hard rains.
Flood Hazard Boundary Map (FHBM)
Official map of a community issued by FEMA, where the boundaries of the flood, mudflow, and related erosion areas having special flood hazards have been designated. The initial map provided the community and is eventually superseded by a FIRM. Prepared without the benefit of detailed studies or hydraulic analyses and contains no BFEs.
$500,000
Program Flood Insurance Coverage for Non-Residential Buildings
$250,000
Program Flood Insurance Coverage for Residential Buildings
Community Rating System (CRS)
a voluntary program for NFIP-participating communities. The goals are to reduce flood losses, to facilitate accurate insurance rating, and to promote the awareness of flood insurance. Has been developed to provide incentives for communities to go beyond the minimum floodplain management requirements to develop extra measures to provide protection from flooding. The incentives are in the form of premium discounts
FIMA is responsible for
administering the National Flood Insurance Program (NFIP) and administering programs that provide assistance for mitigating future damages from natural hazards
Homeowner Flood Insurance Affordability Act of 2014
delayed the increases in flood insurance premiums. A reform from that law was meant to require flood insurance premiums to actually reflect the real rise of flooding, which led to an increase in premiums
Southeast Hurricane Disaster Relief Act of 1965
provided financial relief for the flooding victims and authorized a feasibility study of a national flood insurance program
Blanket Insurance
single amount of insurance applying to more than one building and/or contents. This is not permitted under the NFIP
