NFIP National Flood Insurance Program
Risk Rating 2.0
Table of Contents
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Introduction |
1 |
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Course Material |
1 |
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Acronyms You Should Know |
2 |
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NFIP Background |
3 |
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Federal Emergency Management Agency (FEMA) |
5 |
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Community Participation |
6 |
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Emergency Program |
7 |
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Regular Program |
8 |
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Community Rating System |
8 |
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Building Eligibility |
9 |
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Coastal Barrier Resources System and Other Protected Areas |
9 |
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For CBRS Areas |
10 |
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For OPAs |
10 |
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Who Needs Flood Insurance? |
11 |
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Mandatory Purchase of Flood Insurance in High Flood Risk Zones |
12 |
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Recommended in Moderate and Low Flood Risk Zones |
12 |
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Why Flood Insurance is Better Than Disaster Assistance |
13 |
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Flood Maps and Zone Determinations |
13 |
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Flood Hazard Boundary Map (FHBM) |
13 |
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The “100-Year Flood” |
13 |
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Flood Insurance Rate Map (FIRM) |
14 |
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Pre-FIRM / Post FIRM Defined |
14 |
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Risk Modeling |
20 |
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Geographical & Structural Variables |
20 |
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Premium Subsidies and Cross-Subsidies |
21 |
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Special Flood Hazard Area Defined |
21 |
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Base Flood Elevation (BFE) |
21 |
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Zone Determination |
22 |
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Policies and Products Available |
22 |
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Dwelling Policy – Types of Buildings Covered |
23 |
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General Property Policy – Types of Buildings Covered |
23 |
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Residential Condominium Building Association (RCBAP) - Types |
24 |
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Preferred Risk Policy – Types of Buildings Covered |
24 |
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Definitions |
24 |
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Damages Not Covered |
25 |
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Single Peril Policy |
25 |
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Mudslides Versus Mudflows |
26 |
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Property Covered |
26 |
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Basements |
26 |
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Appurtenant Structures |
27 |
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Loss Avoidance Measures |
28 |
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Debris Removal |
29 |
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Improvements and Betterments |
29 |
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Property Not Covered |
29 |
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Increased Cost of Compliance Coverage (ICC) |
31 |
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General Rules |
32 |
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Statutory Coverage Limits |
32 |
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Chart: Maximum Coverage Limits in the Regular Program |
33 |
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Chart: Maximum Coverage Limits in the Emergency Program |
33 |
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Deductibles |
34 |
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Charts: Deductible Options |
35 |
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Property Value Determination for Selecting Coverage Amounts |
36 |
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Loss Settlement: Actual Cash Value (ACV) |
36 |
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Replacement Cost Value (RCV) |
37 |
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Co-Insurance Penalty in RCBAP |
37 |
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Reduction and Reformation of Coverage |
38 |
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Waiting Period / Effective Date of Policy |
38 |
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Exceptions |
38 |
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Policy Term |
39 |
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Cancellations |
39 |
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Rating |
40 |
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Geographic Location |
40 |
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Structural Variables |
41 |
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Floodproofing, RCV, Claims History, Other Building Factors |
42 |
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Types of Buildings |
43 |
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Elevated Buildings |
45 |
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Buildings With Basements |
46 |
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When to Use an Elevation Certificate |
46 |
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Grandfathering |
46 |
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Claims Handling Process |
47 |
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Helping Your Client File a Claim |
47 |
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Appeals Process |
50 |
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Claims Handbook |
51 |
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Requirements of the Flood Insurance Reform Act of 2004 |
52 |
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Mitigating Repetitive Loss Properties |
52 |
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Educating Policyholders |
53 |
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Write Your Own Companies and the NFIP Work Together |
54 |
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National Flood Insurance Reform Act of 1994 |
55 |
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Flood Disaster Protection Act of 1973 |
56 |
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National Flood Insurance Act of 1968 |
56 |
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National Flood Insurance Reform Act of 1994 |
56 |
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Flood Insurance Reform Act of 2004 |
56 |
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Biggert-Waters Flood Insurance Reform Act of 2012 |
57 |
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The Consolidated Appropriations Act of 2014 |
57 |
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Homeowner Flood Insurance Affordability Act of 2014 |
57 |
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Agent Resources |
57 |
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Write Your Own (WYO) Program |
57 |
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FEMA and Related Websites |
58 |
Thank you,
United Insurance Educators, Inc.