national flood insurance program
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