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Flood Insurance

Make sure you check your policy, did you know that standard homeowners insurance does not cover flooding?

 

guyHow To Get Flood Insurance?

Flood insurance can be purchased through a local property and casualty insurance agent. Rates are set and do not differ from company to company or agent to agent.

 

What Will Flood Insurance Cover?

  • Replacement Cost Value (RCV)
    The RCV is the cost to replace damaged property. It is reimbursable to owners insured to within 80% of the buildings replacement cost.
  • Actual Cash Value (ACV)
    Personal property (i.e. contents) and all other buildings are valued at ACV.
  • The ACV is the RCV at the time of loss minus physical depreciation. 
  • Federal Emergency Management Agency (FEMA)
    The National Flood Insurance Program (NFIP) is administered by the Federal Emergency Management Agency. FEMA’s mission is to support our citizens and first responders to ensure that as a nation we work together to build, sustain and improve our capability to prepare for, protect against, respond to, recover from and mitigate all hazards.
  • National Flood Insurance program (NFIP)
    On March 21, 2014, President Obama signed the Homeowner Flood Insurance Affordability Act of 2014 into law. This law repeals and modifies certain provisions of the Biggert-Waters Flood Insurance Reform Act, which was enacted in 2012.
  • Special Flood Hazard Area (SFHA)
    A SFHA is defined as the area that will be inundated by the flood event having a 1-percent chance of being equaled or exceeded in any given year.
  • Letter of Map Change (LOMC)
    A LOMC reflects an official revision/amendment to an effective Flood Insurance Rate Map (FIRM).
  • Letter of Map Amendment (LOMA)
    This tool is designed to make a determination based on the information submitted by the Licensed Professional and allow them to generate a determination from FEMA in minutes.



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