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Coverage Traps in Flood Insurance Forms. Jim Gavin. Dwelling Policy Form. Single Family Home Unit in Residential Condo Residential Townhouse Mobile Home. Tool Sheds/Storage Buildings not Covered. Limited Coverage for a Detached Garage. Insuring Agreement.

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dwelling policy form
Dwelling Policy Form

Single Family Home

Unit in Residential Condo

Residential Townhouse

Mobile Home

Tool Sheds/Storage Buildings not Covered. Limited Coverage for a Detached Garage

insuring agreement
Insuring Agreement

“We have the right to review the information you give us at any time and revise your policy based on our review.”

key definitions
Key Definitions


Two or More Acres or

Two or More Properties


“The statement made and signed by you oryour agent…”

“The application is part of this flood policy”

key definitions5
Key Definitions


Includes any Sunken Room or Sunken Portionof a Room with Floor Below Ground Level

Valued Policy

“A policy in which the insured and insurer agree on the value…that value payable in the event of a total loss. The Standard Flood Insurance Policy is not a valued policy.”

property coverages dwelling
Property Coverages - Dwelling

Detached Garage

Coverage is 10% of the Dwelling Limit

Not Additional Insurance

No Coverage if Used for Residential, Business or Farming Purposes

property coverages dwelling7
Property Coverages - Dwelling

Additional Building Property


Carpet Permanently Installed Over Unfinished Flooring

Ranges, Cooking Stoves, Ovens


Valuation Problem

building property in basement
Building Property in Basement


The cost of Labor to Nail it Unfinished and Unfloated and Not Taped

Floor Coverings are Not Included

personal property
Personal Property

Carpets over Finished Flooring

Clothes Washers and Dryers

“Cook-Out” Grills

Food Freezers

Food in Freezer

personal property in basement
Personal Property in Basement

Limited to Washers, Dryers, Freezers and Portable Air Conditioning Units

Washers, Dryers & Freezers Must be Installed and Connected to a Power Source

personal property condo
Personal Property - Condo

Interior Walls, Floor, Ceiling Included if Not Insured by the Condo Association

10% of the Personal Property Limit

Not Additional Insurance

personal property special limits
Personal Property – Special Limits

Artwork, Photos, Collectibles, Memorabilia

Rare Books

Jewelry, Watches, Stones, Articles of Gold, Silver of Platinum


Total Limit for All of the Above:$2,500

Pays Only Functional Value of Antiques

other coverages
Other Coverages

Debris Removal No Limit

Loss Avoidance $1,000

Property Removed $1,000

Pollution $10,000

Not Additional


property not covered
Property Not Covered

Property not in the fully enclosed building

Self Propelled Vehicles unless not licensed and used mainly to service the premises

Fences, Retaining Walls

Hot Tubs, Spas, Swimming Pools

selected exclusions
Selected Exclusions

Additional Living Expense

Flood in Progress at the Policy Inception

Earth Movement

Anything the Insured does to Deliberately Cause a Flood (?)

Alteration that Increases Risk of Flooding


“In each loss from flood, separate deductibles apply to the building and personal property insured by this policy.”

policy conditions
Policy Conditions

Concealment Fraud and Policy Voidance

If You or Your Agent have at any time

Intentionally Concealed or Misrepresented

Engaged in Fraudulent Conduct

Made False Statements

Relating to this policy or any other NFIP Insurance

reformation of coverage
Reformation of Coverage

If Discovered before Loss, Insured can Pay Additional Premium

If Discovered after a Loss, Must Pay Additional Premium for all Prior NFIP Policies

loss settlement
Loss Settlement

Replacement Cost

Dwelling Coverage Only

Must Insure to 80% of Replacement or NFIP Maximum Amount

loss settlement20
Loss Settlement

Actual Cash Value

Detached Garages

Personal Property

Appliances, Carpets and Pads

Dwelling that is Not a Principal Residence

general property form building
General Property FormBuilding

Described Building at Described Location

Additions and Extensions Attached to Building

No Extension to Any Other Building on Premises. Each Building Must be Separately Insured.

building property condo association
Building Property Condo Association

Following Installed in Units:

Kitchen Cabinets




general property form personal property
General Property FormPersonal Property

“When this policy covers personal property, coverage will be either for household personal property or other than household personal property but not both.”

tenant improvements betterments
Tenant Improvements & Betterments

If a tenant, you may apply 10% of your personal property limit for improvements, but it is notadditional insurance

property not covered25
Property Not Covered

A residential Condominium Building Located in a Regular Program Community


Building Under Construction

When a Building under Construction, Alteration or Repair does Not have Two Rigid Exterior Walls and a Fully Secured Roof, the Deductible Amount will be Two Times the Deductible that Would Otherwise Apply to the Building

loss settlement27
Loss Settlement

The Least of:

Policy Limit

Actual Cash Value

Amount to Repair or Replace with like Kind and Quality

dwelling summary
Dwelling Summary

Application Part of Policy

Definition of Flood

Definition of Basement

Blinds, Refrigerators, Stoves, Ovens

Freezers – Personal Property

Detached Garage


dwelling summary29
Dwelling Summary

Special Limit for Art, Jewelry, Collectibles

Debris Removal

Condo Coverage for Interior Walls

Fences, Pools, Walkways

No Additional Living Expense

Coverage for ATVs

Two Deductibles

dwelling summary30
Dwelling Summary

Concealment, Fraud Voids Coverage

Reformation after a Loss

Replacement Cost – Dwelling Only

(80% Required)

ACV – Garages, Carpets, Appliances

& Secondary Residences

general property form
General Property Form

Same Limitations as Dwelling Form

No Extension to Outbuildings

Personal Property must Be Either Household Goods or Other, Not Both

Tenants Improvements & Betterments

Reformation Applies

ACV – Building and Personal Property