National Flood Insurance Policy (NFIP)

the nfip offers 3 flood insurance policy forms

1. Dwelling form 2. general property form 3. residential condominium building association policy form

perils covered

1. direct physical losses from flood are covered 2. loss caused by flood related erosion is also covered 3. overflow of water or mud is covered

Exclusions

1. flood already in effect on date of coverage 2. not all flooding is classified as a covered flood 3. controlled water - ur own pool, hot tub, plumbing 4. lawns, trees, shrubs, crops, livestock, animals 5. aircraft, motor vehicles, self propelled vehicles

in order to qualify for flood insurance, a community must

1. join nfip 2. agree to enforce sound floodplain management standards

general property form

1. provides building coverage for nonresidential buildings 2. provides building coverage for buildings for more than 4 families 3. manufactured homes

residential condominium building association policy

1. provides building coverage for the residential condomuinium building including all units within the building, and improvements made within the individual units

National flood insurance program (NFIP)

1. standard homeowners insurance doesn't cover flooding 2. the NFIP offers flood insurance, if their community participates in the NFIP 3. participating communities agree to adopt and enforce ordinances that meet or exceed federal emergency management agency requirements to reduce risk of flooding

waiting period

30 days

which of the following is not excluded from coverage under a flood policy A. mudslide B. loss in progress on the effective date of the policy c. a complete inundation of normally dry land d. wall to wall basement carpeting

A

who is NFIP administered by?

FEMA

what is a 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 (at least one of which is your property) from overflow of inland or tidal waters, from unusual and rapid accumulation or runoff of surface waters from any source, or from mudflow

coverage c - other coverage

costs incurred to protect the property from flood damage

coverage b - personal property

has limitations on property in the basement, coverage for basement items such as heaters, air conditions, and oil tanks

NFIP is sold by

individual insurance companies

coverage d - increased cost of compliance

provides for the costs to comply with state and local regulations concerning repair and reconstruction of flood damaged properties

coverage a - building

provides limited coverage for attached structures

dwelling form

provides residential building coverage no more than four families including limited coverage for detached garages.

the federal government serves as the

reinsurer