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I am rich Levitt with h2o partners FEMA's training contractor with the National Flood Insurance Program and you know sometimes we know so little about a topic that we don't even know what it is that we don't know so if that's how it all adds up for you with flood insurance and spend a few minutes with me talking about mice 11-7 these are seven very basic and essential components to your understanding of the National Flood Insurance Program, and they can also provide a literal gateway to everything else that you might need to know about the FIP but here's how basic they are number one is every building is in a flood zone not some buildings every building the building that you're in right now it's in a flood zone your home is in a flood zone it's simply a matter of which flood zone and what is the degree of risk associated with them now before we leave this topic of flood zone we bring an eye on number two which says you don't need to be in a high-risk flood zone something we call a special flood hazard area in order to purchase flood insurance think of it this way if the program is willing to write flood insurance in the highest risk flood zones then why wouldn't it right flood insurance and more moderate to low risk flood zones and of course it will and remember every building is in a flood zone item three building and contents coverages are purchased separately as an insurance agent you're probably used to selling property products and automatically packaged building and contents coverage limits that's not how we typically do it in this program typically those are separate purchase decisions some property owners by just covers on their building some buy it just on their contents and others buy it on both number for a federal disaster declaration is not necessary to file a flint insurance claim floods in effect few as two properties can meet our definition of a flood, so it's certainly not necessary to have a federal disaster declaration in order not to trigger our coverage for number five the standard flood insurance policy is not a guaranteed replacement cost policy simply put it's not we do some replacement cost loss settlement in this program, but it is not a guaranteed replacement cost policy here's a big one number six coverage is limited in basements it's a big one because so many people across the United States have a basement we have two other podcasts they go into great detail about the definition of a basement as well as what is and isn't covered in a basement you may want to view those but generally personal property coverage is very limited in a basement and building coverage is primarily confined to major mechanical as well as structural elements and finally number 7 11 7 time element exposures are excluded the standard flood insurance policy pays for direct physical loss by or from a flood and because its focus is on direct physical loss by or from a flood it means that it excludes such things as loss of access loss of use...
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