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Understanding the Unique Facets of Flood Insurance: Key Underwriting Questions

Author: Chris Boggs

When placing flood coverage, there is certain key information that is required. The following may not be all the information needed to underwrite, rate and place a specific flood policy, but it represents most of the needed information.  

  • Is the structure located in an NFIP-participating community?
  • Is the structure Pre-FIRM or Post-FIRM?
  • In what flood zone is the structure located?
  • Do flood zones change near the structure (i.e., from “X" to “A")?
  • Is the dwelling located in a Special Flood Hazard Area?
  • Does the structure have a “basement" as defined in the policy?
  • If located in a Zone “V": Is the structure elevated on piers, posts, pilings, etc.?
  • If located in a Zone “A": Do solid foundation perimeter walls have proper engineered openings (1 sq. inch per 1 sq. foot of enclosed space)?
  • Is the structure located in a CBRA zone or OPA?
  • When was the last elevation certificate completed?
  • What is the height above Base Flood Elevation (BFE)?
  • Have there been any additions to the structure since the last elevation certificate was completed?
  • When was the last photo provided?
  • Have there been any improvements or betterments to the structure (external additions, internal upgrades, etc.)? If “yes," what were the improvements and what was the cost of improvements?
  • Has the structure been damaged by any cause of loss (fire, wind, flood, etc.)?
  • Has the insured previously carried flood coverage on the structure? When?
  • Is coverage needed for a loan closing?
  • Has the community been recently remapped?

Flood Series

This is one of a series of flood articles discussing and detailing the unique facets of the NFIP flood program. To continue researching the unique facets of the NFIP, visit any or all the links provided:

  1. Understanding the Unique Facets of Flood Insurance: Flood Zones
  2. Understanding the Unique Facets of Flood Insurance: Flood Policy Forms
  3. Understanding the Unique Facets of Flood Insurance: Participating Communities in the Regular Program
  4. Understanding the Unique Facets of Flood Insurance: Policy Terms and Conditions Unique to Flood Coverage
  5. Understanding the Unique Facets of Flood Insurance: Unique Flood Policy Definitions
  6. Understanding the Unique Facets of Flood Insurance: CBRA Zones and Otherwise Protected Areas (OPAs)
  7. Understanding the Unique Facets of Flood Insurance: Key Underwriting Questions

Read the entire series here.

Resources

​First Published: August 23, 2021

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