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Basements can be particularly susceptible to flooding because they are below ground. You might assume that your homeowners insurance policy covers basement flood damage, but it depends on what ...
Its coverage of high-risk areas like basements is more limited, and homeowners must fund their own relocation expenses during a home repair. ... Despite the limitations, average NFIP flood ...
The insurance adjuster informed them that the 3.5-inch step down into their sunken living room classifies it as a “basement” under their policy — meaning it isn’t eligible for flood coverage.
Flood insurance is the specific insurance coverage issued against property loss from flooding. To determine risk factors for specific properties, insurers will often refer to topographical maps that denote lowlands , floodplains and other areas that are susceptible to flooding.
The National Flood Insurance Program (NFIP) is a program created by the Congress of the United States in 1968 through the National Flood Insurance Act of 1968 (P.L. 90-448). The NFIP has two purposes: to share the risk of flood losses through flood insurance and to reduce flood damages by restricting floodplain development.
The Homeowner Flood Insurance Affordability Act of 2013 is a bill that would reduce some of the reforms made to the federal flood insurance program that were passed two years prior. [1] The bill would reduce federal flood insurance premium rates for some properties that are sold, were uninsured as of July 2012, or where coverage lapsed as a ...
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