Flood

Question 1

Who is the major provider?

Answer 1

The Federal Govt thru the NFIP

National Flood Insurance Program

Question 2

define a FLOOD

Answer 2

a temporary condition of partial or complete inundation of two acres of normally dry land
—–OR—–
2+ properties that was damaged from:
1: overflow of waters inland or tidal
2: unusual&rapid accumulation of runoff or surface water from any source
3:mudlfow
4: collapse/ subsidence of land along shore of a lake as a result of erosion caused by waves

Question 3

Flood emergency program

Answer 3

first must apply for admittance to the program and request a study of the area’s flood potential, resulting in Flood Hazard Boundary Map development

Limited coverage ($35,000 max)

Question 4

Flood regular program

Answer 4

detailed study is undertaken, Flood Insurance Rate Map is developed, and higher limits ($250,000max) are available if community agrees to pass ordinances to lessen the flooding (building code, zoning)

Question 5

Flood eligible buildings

Answer 5

I. Must have 2+ rigid outside walls & fully secured roof
II. Be affixed to a permanent side
III. Principally above ground level (50% or more of value)
IV. Located within an eligible community

Question 6

Flood eligible contents

Answer 6

must be within the building - certain property in basements & under elevated flood is not covered

Question 7

Flood dwelling form

Answer 7

applies to policies 1-4 family dwellings, includes 10% of dwelling limit for detached garages or carports.

Not eligible: garages apts, utility building, storage shed

a. water proofing of windows is not covered under any flood policy
b. binding of coverage is restricted to a 30 day wait period

Question 8

Flood valuation of losses

Answer 8

• Replacement cost to building
• losses for an individual insured’s (1) single family (2) principal residence
• All other losses are ACV
• insured for at least 80% of RC and must live in dwelling at least 80% of the time

Question 9

Flood high (standard) risk

Answer 9

A and V zones

Question 10

What zones are considered high flood risk?

Answer 10

Zones A & V

Question 11

Flood preferred risk form

Answer 11

Dwelling coverages - only available in zones B,C, & X - not available in emergency coverages

Question 12

Flood general property form

Answer 12

building and contents not eligible under Dwelling Form

Question 13

RCBAP

Answer 13

Resident Condo Building Assoc. Policy

Question 14

Flood for Condo Association

Answer 14

1 or more residential units if at least 75% of floor area is residential and located in Regular Program Community - RC and subject to COINS

Question 15

Biggert-Waters Reform Act

Answer 15

The reform to NFIP led to the passage of the Homeowner Flood Insurance Affordability Act of 2014.

**Intent was to provide lower premiums due to previous legislation.

Question 16

Private Flood Insurers

Answer 16

Federal changes to the Flood Program enabled the State of Florida to streamline the process of private insurers to write flood insurance in Florida. This is an alternative to NFIP

Question 17

Name the 4 Programs in Flood

Answer 17

1. Standard
2. Preferred
3. Customized
4. Supplemental

Question 18

Standard program

Answer 18

only covers losses from the peril of flood as defined by the NFIP

Question 19

Preferred program

Answer 19

same coverage as standard but also covers water intrusion from outside structure not covered under standard

Question 20

Customized program

Answer 20

must provide broader coverage than standard

Question 21

Supplemental program

Answer 21

supplements NFIP policy or insurer issuing standard or preferred coverage