Ins Exam F - Flood

Question 0

National Flood Ins Program * (NFIP)

Answer 0

> Standard homeowners ins doesn’t cover flooding
NFIP offers flood ins if their community participates: - Homeowners - Renters
- Business owners
Participating communities agree to adopt and enforce ordinances that meet or exceed Federal Emergency Mgmnt Agcy (FEMA) requirements to reduce the risk of flooding

Question 1

FLOOD: EMERGENCY PROGRAM

Answer 1

> Max limits available

- SINGLE FAMILY DWELLING STRUCTURES 
	- $35,000 = STRUCTURE
	- $10,000 = CONTENTS 
- Other residential or business structures 
	- $100k = Structure
	- $100k = Contents

Question 2

FLOOD: REGULAR PROGRAM

Answer 2

> Standard Limits 
	- 1-4 FAMILY/ OTHER RESIDENTIAL STRUCTURES 
		- $250K - STRUCTURE 
		- $100K - CONTENTS 
	- Business Structures
		- $500k = Structures & Contents 
	- $500 = Deductible 
		- Applies separately to building and contents 
		- Higher deductibles available 
> Higher limits of coverage available

Question 3

Flood Insurance: Coverage

Answer 3

> Covered:

- Flood ins covers overflow of inland or tidal waters and unusual and rapid accumulation or runoff of surface waters from any source - however, the flood must be: 
- a general and temp condition of partial or complete inundation of 2> acres of normally dry land or of 2> properties
	- incl mudslides considered to be general condition 
- PROPERTY REMOVED FOR PRESERVATION AND PROTECTION FROM FURTHER FLOOD - 45 DAYS

Question 4

Flood: Miscellaneous

Answer 4

> WAITING PERIOD for COVERAGE

- 30 DAYS WAITING PERIOD FROM APPLICATION SUBMISSION DATE 
- Waived for first-time purchase of mortgaged property