Personal Flood Insurance Coverage Guide

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Did you know? ISO has developed a new Personal Flood Policy program, which enables insurers to provide optional coverage not typically covered under the NFIP. This first edition of the Personal Flood Insurance Coverage Guide introduces the new ISO form and breaks down everything professionals need to know.

With the National Flood Insurance Program (NFIP) being underfunded and in debt, and with various proposed changes still pending approval, the flood insurance industry has had a strong need for flood coverage in the private market.Because of improving analytics to better predict floods, coverage in the private market is now possible. As a result, ISO developed the Personal Flood Policy program, which enables insurers to provide optional coverage not typically covered under the NFIP and dovetails with the homeowners insurance policy.

This 1st edition of the Personal Flood Insurance Coverage Guide introduces the new ISO form and breaks down everything professionals need to know, including:

  • The development and history of the National Flood Insurance Program (NFIP)  
  • The new ISO Personal Flood Policy as compared to the existing NFIP policy and the differences between coverages  
  • Flood zones and how they are determined  
  • Types of flooding  
  • Base Flood Elevation and why it is important  
  • The differences between the new ISO Personal Flood Policy and the standard homeowners policy  
  • What makes properties eligible or ineligible for coverage  
  • The concept of 100-year floods, as well as the actual hazards of 50, 25, and 10 year floods

Every client and every situation is different. Some areas are more prone to flooding, and not all floods are the same. The Personal Flood Insurance Coverage Guide will help you navigate the ins and outs of the private flood market and ISO’s new form, helping you better advise your clients based on their individual insurance needs.  Both the NFIP and ISO Personal Flood Policy forms are presented in this book for your reference.

Additional Information
Download Book link https://s3.amazonaws.com/alm-epubs/9781949506143_epub.epub
Publication Date November 7, 2018
ISBN 9781949506136
EISBN 9781949506143
Page Count 160
Author Christine G. Barlow, CPCU
Edition 1
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Table of Contents

Chapter 1: Overview................................................................................. 1

       Policyholder Protections and Information......................................... 13

       Increasing Consumer Choice through Private Market Development 13

       Mapping Fairness............................................................................... 14

       Protecting Consumers and Individuals through Improved Mitigation 14

       Program Integrity............................................................................... 14

       Perception of Risk.............................................................................. 16

Chapter 2: Floods, Floodplains, and Flood Zones................................ 19

       Riverine Flooding............................................................................... 19

       Coastal Flooding................................................................................ 20

       Shallow Flooding............................................................................... 21

       Sheet Flow.......................................................................................... 21

       Ponding............................................................................................... 21

       Urban Drainage.................................................................................. 21

       Other Hazard Types........................................................................... 22

       Floodplains......................................................................................... 23

       Causes of Flood Damage.................................................................... 24

       Subsequent Issues............................................................................... 25

       Flood Maps......................................................................................... 26

       Flood Zones........................................................................................ 27

Chapter 3: NFIP Eligibility Rules.......................................................... 31

       Eligibility............................................................................................ 32

       Buildings............................................................................................ 33

       Buildings over Water......................................................................... 34

       Buildings in the Course of Construction............................................ 35

       Manufactured (Mobile) Homes/Travel Trailers................................. 36

       Additions and Extensions................................................................... 36

       Other Eligible Property...................................................................... 37

       Walls................................................................................................... 37

       Occupancy.......................................................................................... 38

       Contents.............................................................................................. 41

       Ineligibility......................................................................................... 41

               Ineligible Property...................................................................... 41

               Ineligible Risks and Contents..................................................... 42

       Effective Date..................................................................................... 44

Chapter 4: ISO Personal Flood Eligibility Rules................................. 51

       Eligibility............................................................................................ 51

       Definitions.......................................................................................... 52

       Deductibles......................................................................................... 54

       Increased Cost of Construction.......................................................... 54

       Ordinance or Law............................................................................... 55

       Broadened Coverage for Dwellings/Other Structures........................ 55

       Special Personal Property Options..................................................... 56

       Personal Property Replacement Cost................................................. 56

       Incidental Occupancies...................................................................... 56

       Unit Owners....................................................................................... 56

       Loss Assessment................................................................................ 57

       Mobile Homes.................................................................................... 57

       Loss of Use......................................................................................... 57

       Conforming Condition....................................................................... 57

       Broadened Cancellation..................................................................... 57

Chapter 5: NFIP Standard Property Form.......................................... 59 

       Definitions.......................................................................................... 59

       Property Covered................................................................................ 62

               Coverage A – Building Property................................................. 62

               Coverage B – Personal Property................................................. 65

               Coverage C – Other Coverages................................................... 67

               Coverage D – Increased Cost of Compliance............................. 69

               Property Not Covered................................................................. 72

               Exclusions................................................................................... 73

               Deductibles................................................................................. 74

               General Conditions..................................................................... 75

               Loss Settlement........................................................................... 82

               Liberalization and Governing Law............................................. 83

 

Chapter 6: ISO Personal Flood Form................................................... 85

       Definitions.......................................................................................... 85

       Coverage A and Coverage B.............................................................. 86

       Property Not Covered......................................................................... 87

       Coverage C – Personal Property........................................................ 88

       Coverage D – Loss of Use.................................................................. 89

       Additional Coverages......................................................................... 91

       Exclusions.......................................................................................... 93

       Conditions.......................................................................................... 95

Appendix: Specimen Forms................................................................. 101

       Personal Flood Policy, FD 00 01 11 18........................................... 103

       National Flood Insurance Program Dwelling Form,

               Standard Flood Insurance Policy, F-122 / October 2015................................. 115

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