Federal Flood Insurance


Definition of "Federal flood insurance"

Coverage made available to residents of a community on a subsidized and nonsubsidized premium rate basis once the governing body of the community qualifies that community for coverage under the National Flood Insurance Act. Residents include business and nonbusiness operations with coverage written on structures and their contents. Coverage is purchased through licensed agents. Prior to passage of the Housing and Urban Development Act of 1968, of which the National Flood Insurance Act is a part, it was virtually impossible to obtain flood insurance coverage on an industrial building, residential building, retailing building, or a single family dwelling.

Have a question or comment? We're here to help.

 
 
 
*** Your email address will remain confidential.
 
 

Search Real Estate Terms

 

Popular Real Estate Terms

Catastrophe Hazard

Circumstance under which there is a significant deviation of the actual aggregate losses from the expected aggregate losses. For example, a hurricane ...

Water Exclusion Clause

Provision in many property insurance policies that excludes coverage for floods and backup from sewers or drains and underground water. Because floods ...

Federal Insurance Administration

Government agency whose function is to administer the Federal Flood Insurance Program, the Federal Crime Insurance Program, and the fair access to ins ...

Federal Flood Insurance: Upton-jones Amendment

Amendment that modifies the federal flood insurance program by providing relocation and acquisition coverage for structures in imminent danger from an ...

Flood Insurance

Same as term Federal Flood insurance: coverage made available to residents of a community on a subsidized and nonsubsidized premium rate basis once th ...

Peers, Wharves, Docks, And Slips Insurance

Coverage in the event of damage or destruction resulting from collision by a vessel or high waves. Excluded are fire, lightning, windstorm, earthquake ...

Popular Real Estate FAQ

What Do I Need To Know About Watercraft Insurance?

You need separate coverage for the variety of risks you face when storing, launching, hauling or running your seaworthy vessel. Boats, and other water ...

What Do I Need To Know About Motorcycle Insurance?

You need an insurance policy that is tailored in your needs in mind. Take liability for example. Guest passenger liability helps protect you bodily in ...

How Do I File An Insurance Claim?

Call your Insurance agent or Insurance Company \"Claims Hotline\" as soon as possible. Getting your agent\'s help, may speed things along. ...

What Do I Need To Know About RV Insurance?

Your motor home can be both your transportation and your home away from home. So like your auto and your home, you need to safeguard it with the prope ...

What Should I Do If I'm In An Accident?

1.- Stay Calm. Determine the injuries and or damage. 2.- Call the police. File an accident report and obtain medical assistance if needed. 3.- L ...

What Do I Need To Know About Auto Insurance?

Choosing the auto insurance requires consideration of manyfactors- Take into account everything you own and the reasons to protect them. The year of ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

Build or Buy? That’s the Big Question 10 Real Estate Tips for Homebuyers Cryptocurrency: a Real Estate Niche The First-time Home Buyers Guide to Home Insurance Should you Buy a Home with Cash?

FAQ

What is a qualifying ratio? What is cooperative? What is a closing? What is a basic policy? I looked at a property yesterday with a REALTOR® who seems to be clueless. I am really interested in purchasing the property, though. Can I switch agents and still make the purchase?