Unit 9 Learning Check NFIP Flashcards
where does a property owner go to buy flood insurance policy
any licensed casualty insurance agent
can i buy flood insurance policy with building coverage on:
an apartment building
a septic tank
open side park pavilion
motor home
boat dock
flower garden
an apartment building - yes
a septic tank - no
open side park pavilion - no
motor home - no, unless permanently attached to foundation
boat dock - no
flower garden - no
what is the max amount of content coverage I can get for a single family dwelling
$100,000
can i wait and buy flood insurance policy after I hear the national weather service issue a flood warning
yes - but no claim can be paid
30 day waiting period before coverage takes effect
which of the following programs is likely to require a flood insurance policy as a condition of financial assistance
department of veterans affairs mortgage loan guarantees
HUD community development blocks grants
federal disaster assistance
home improvements loan from FDIC bank
mortgage from federal credit union
department of Veterans Affairs mortgage loan guarantees - yes
HUD community development blocks grants- yes
federal disaster assistance- yes
home improvements loan from FDIC bank- yes
mortgage from federal credit union- yes
do i need elevation certificate to purchase a flood insurance policy on a pre FIRM building
no
however, if you have one and building at or above BFE, get post FIRM actuarial rate that is lower than rate for pre FIRM building
is there much of a cost savings on flood insurance if lowest floor of a post FIRM building is 1’ above BFE (instead of exactly at BFE)
yes
ex: first layer of building coverage for single family building in AE zone goes from .89/$100 to .55 - a 40$ savings
can i get good flood insurance rate on building in AE zone that is floodproofed to BFE
probably no
unless building floodproofed to 1’ above BFE, rate based on elevation of lowest floor. if lowest floor is 2’ or more below BFE, it will be a submit for rate
best way to get a good flood insurance rate for a new building in unnumbered AE zone
obtain or develop BFE for site and require building elevated above it
who sets rates and coverage rules for flood insurance policies
FEMA
2 types of flood insurance coverage available
building
contents
can i get flood insurance for furniture in a basement
no
can a bank require flood insurance for a property outside SFHA on latest FIRM
yes
any lender can require flood insurance wherever it wants
2 key factors in rating post FIRM building
FIRM zone
lowest floor elevation in relation to BFE
how do I know how much a flood insurance policy will cost for a post FIRM building with lowest floor 4’ below BFE
insurance agent sends info on building in a submit for rate
how can you community help its residents get lower flood insurance rates
join community rating system (CRS)
can a community get CRS credit for activities implemented by a state agency on behalf of the community
yes
can non CRS communities obtain and benefit from CRS publication
yes
RM 38-1 is located near site A on flood countries FIRM.
is RM 38-1 in SFHA
is RM 38-1 in CBRS zone
SFHA - yes
CBRS - no
mrs murphy chowder house built at east end of vassar rd on panel 39 in 1994. the restaurant got flooded last month. which of the following can help rebuild her restaurant
NFIP flood insurance policy
FEMA disaster assistance grant
small business administration disaster loan
NONE
building built in CBRS 4 years after it was designates as such
