Insurance Continuing Education - Flood Insurance Application
Insurance Continuing Education - Flood Insurance Application
The APPLICATION for flood insurance is, understandably, a little more complicated than some of the other property and casualty policy applications as it covers a specific risk on property that must be identified although the range of buildings and property can run the gamut. Because of this need to be precise, this form must be completed only in the correct fashion as there is no room for guessing.
This Application form or a similar form used for WYO companies, must be used for all flood policies except the Preferred Risk Policy. The NFIP Flood Insurance Application form, or a similar form for WYO companies, must be used for all flood insurance policies except the Preferred Risk Policy.
The Application form must be completed accurately as it contains the necessary information required by statutory intent and it provides the instructions in respect to the rating of the different building types. The Application provides the initial information so that the flood insurance rate can be properly applied to the building, particularly as to whether the building is Post-FIRM construction or Pre-FIRM construction; and provides information as to building occupancy, building type, basement type and elevated building type.
The flood risk Zone must also be determined as well as the elevation of the building.
TYPES OF BUILDINGS
For purposes of the NFIP, distinctions have been made among the following building types:
1. No basement
- One floor
- Split level
- Two or more floors
1. Unfinished basement
- Split level
- Two or more floors
1. Finished basement
- Split level
- Two or more floors
1. Manufactured (mobile) home, including doublewide, or travel trailer, on foundation
2. Elevated building
- No enclosure
- With enclosure (including crawl space)
An elevated building is a building that has no basement and that has its lowest elevated floor raised above ground level by foundation walls, shear walls, posts, piers, pilings, or columns.
SCHEDULED BUILDING POLICY
1. To obtain a Scheduled Building Policy, an Application must be completed for each building and/or contents for which coverage is requested.
2. For each scheduled building (building and/or contents coverage); the Federal Policy Fee is $30.00 per building
3. All Flood Insurance Application forms must be completed in accordance with all Flood Insurance Manual rules and the Scheduled Building Policy qualifications.
4. If requesting a Scheduled Building Policy, indicate Building #1, Building #2, etc., in the upper right corner of each Application. Staple together the Applications as a single unit.
COMPLETING PART 1 OF THE APPLICATION
The following instructions apply for completing Part 1 of the Flood Insurance Application form.
POLICY STATUS
In the upper right corner of the form, check the appropriate box to indicate if the application is for a NEW policy or a RENEWAL of an existing policy. If the application is for a renewal, enter the current 10-digit NFIP policy number.
POLICY TERM (BILLING/POLICY PERIOD
Check the appropriate box to indicate who should receive the renewal bill.
If "BILL FIRST MORTGAGEE is checked, complete "First Mortgagee" section."
If BILL SECOND MORTGAGEE, BILL LOSS PAYEE, or BILL OTHER is checked, provide mailing instructions in the "Second Mortgagee or Other" section.
Enter the policy effective date and policy expiration date (month-day-year).
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