Flood Insurance

Question 1

Flood Insurance must be purchased from

Answer 1

the National Flood Insurance Program (NFIP)

Question 2

What does NFIP stand for

Answer 2

National Flood Insurance Program

Question 3

In Evaluating Flood Insurance terms the risk of flood potential are identified by

Answer 3

Special Flood Hazard Areas (SFHA)

Question 4

How is a SFHA defined

Answer 4

The area that will be inundated by the flood event having a 1 percent chance of being equaled or exceeded in any given year

Question 5

what is the 1 percent annual chance flood also referred to as

Answer 5

the base flood or 100 year flood

Question 6

what are the flood zones

Answer 6

-High risk flood zones (zones a and v)
-Moderate Flood zones (Zones B or X)
-Low risk Flood Zones (Zones C or X)

Question 7

High risk flood zones are

Answer 7

Zones A and V

Question 8

In Flood Zones A and V Insurance is

Answer 8

The Insurance Is Mandatory

Question 9

In Flood Zones B and X insurance is

Answer 9

The insurance is optional

Question 10

In flood zones C and X insurance is

Answer 10

The insurance is not required

Question 11

Moderate Flood Zones are

Answer 11

Zones B and X

Question 12

Low Risk Flood Zones are

Answer 12

Zones C and X

Question 13

what is the minimum and maximum flood insurance

Answer 13

Minimun is 100k
Maximun is 250k

Question 14

in flood zones life insurance is

Answer 14

Mandatory for the life of the loan and can be paid separately or paid in payments

Question 15

Flood insurance is Mandatory for how long

Answer 15

It is mandatory for the life of the loan

Question 16

How is Flood Insurance paid

Answer 16

Either paid Separately or in payments

Question 17

Coverage from the NFIP typically can’t exceed

Answer 17

-$250,000 for your home’s structure and
-$100,000 for your personal property.