What is it?
This is the type of insurance that specifically covers damage caused by rising water from heavy rainfall, river overflow, or coastal storms
Flood Insurance
Besides homeowners in high-risk zones, who else might consider flood insurance even if it´s not required?
Renters and businesses
What is the main difference between a standard flood insurance policy and an excess flood insurance policy?
The amount of coverage
This factor, determined by FEMA, affects how much you pay for flood insurance
What is the flood zone?
This federal agency primarily manages and provides flood insurance policies in the United States
FEMA
To protect and restore personal items, the landlords coverage is just the building
How does flood insurance differ from a commercial building and a single-family home?
The commercial buildings insurance focuses on the interior while the single-family home focuses on the entire home
This national program offers flood insurance to homeowners in the U.S.
What is the National Flood Insurance Program (NFIP)?
This is the term for a geographic area that has been identified as being prone to flooding, often requiring homeowners to obtain flood insurance
Floodplanes
For businesses, what are some of the factors that might made flood insurance a smart investment, regardless of location
It can help businesses recover faster and at ease
What does ¨replacement cost coverage¨ mean, and when is it most beneficial in a flood insurance policy?
Your insurance comapny will pay to repair or replace damaged property, it is beneficial when your property is in good and new condition and if you want to recover faster
This document shows the official cost of your flood insurance
What is a flood insurance quote?
This is the maximum amount of flood insurance coverage typically available for a single-family home under the National Flood Insurance Program (NFIP)
$250,000
If your property is located in a high-risk flood zone, are you legally required to have flood insurance, even with a mortgage from a lender?
Yes
How does a ¨Preferred Risk Policy¨ differ from a standard policy in terms of coverage and eligibility?
A ¨ Preferred Risk Policy¨ is a lower cost flood insurance policy in lower to moderate flood zones, and a standard flood insurance policy is the same thing at a higher rate, it covers physical damage and contents up to the policy limits
This certificate, showing your property´s elevation, can impact your flood insurance cost
What is a elevation certificate?
This is the waiting period, in days, that typically applies before a new flood insurance policy becomes effective
30 days
If your community participates in the National Flood Insurance Program (NFIP), what advantages might you have when purchasing flood insurance?
You can gain more access to more affordable flood insurance.
What are the key factors to consider when determining the right amount of coverage for your flood insurance policy?
*5 possible answers*
1. Replacement cost
2. Risk factors
3. Financial situation
4. Policy options
5. Alleviation measures
This type of coverage protects your belongings from flood damage
What is contents coverage?