flood insurance

A formThis is an insurance policy, or the riders and endorsements attached to it. of insuranceSee "property insurance;" "private mortgage insurance;" "insured mortgage;" "title insurance." that protects the ownerThe full name of the primary owner of the property parcel.(e.g. John P. Doe). of the insuredThe policyholder - the person(s) protected in case of a loss or claim. propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. against losses stemming from flood damage. The Federal Flood DisasterAn occurrence of a natural catastrophe, such as a hurricane, tornado, tsunami, earthquake, landslide, Protection Act of 1973 requires that federally-regulated lenders determine if real estateThe physical parcel of land and all improvements permanently attached. An identified parcel or tract to be used to secure a loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without is located in a Specially Flood HazardCondition that creates or increases the chance of loss. Area (SFHA). If the property is located in a SFHA area, the borrowerPerson responsible for repaying a loan who has signed and agreed to the terms in the promissory note. must obtain and maintain flood insurance on the property. Most insurance agents can assist in obtaining flood insurance.

Flood Insurance

Coverage against lossThe occurrence of the event for which insurance pays. resulting from the flood perilThe cause of a possible loss; for example, fire, theft, or windstorm., widely available at low cost under a program developed by the private industry and the federal government.

Flood Insurance

Flood insuranceSee "property insurance;" "private mortgage insurance;" "insured mortgage;" "title insurance." protects against water from an overflowing river or a hurricaneA tropical storm marked by extremely low barometric pressure and circular winds with a velocity of 75's tidal surge and also covers damage from water that builds up during storms.

Flood Insurance

Insurance that compensates for physical property damagePhysical injury to tangible property resulting from flooding. It is required for properties located in federally designated flood areas.

Flood Insurance

Insurance that compensates for physical property damagePhysical injury to tangible property resulting from flooding. It is required for properties located in federally designated flood hazardCondition that creates or increases the chance of loss. zones.

Flood Insurance

Insurance that protects homeownersCoverage for homes, including dwelling coverage. Protects owners and tenants against losses or damage against losses from a flood; if a homeHOME: Provides funds to local governments and states for new construction, rehabilitation, acquisition is located in a flood plainA strip of relatively flat and normally dry land alongside a stream, river, or lake that is covered, the lenderThe entity that provides loan funds to the borrower. Depending on the type of loan, the lender may be will require flood insuranceSee "property insurance;" "private mortgage insurance;" "insured mortgage;" "title insurance." before approving a loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without.