![]() ![]() There must be evidence of physical changes to the property.ĭwelling: A building designed for use as a residence for no more than 4 families or a single-family unit in building under a condominium form of ownership.Įlevated Building: 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. The declarations page is a part of the flood insurance policy.ĭeductible: The fixed amount of an insured loss that is the responsibility of the insured and that is incurred before any amounts are paid for the insured loss under the insurance policy.ĭirect Physical Loss by or from Flood: Loss or damage to insured property, directly caused by a flood. The declarations page also describes the term of the policy and the limits of coverage and displays the premium and the insurer’s name. See Diagram 8 in the Elevation Certificate Instructions.ĭate of Construction: The date that the building permit was issued, provided the actual start of construction, repair, reconstruction or improvement was within 180 days of the permit date.ĭeclarations Page: A computer-generated summary of information provided by the prospective policyholder in the application for flood insurance. Crawlspaces generally have solid foundation walls. Where membership in the entity is a required condition of unit ownership.Ĭrawlspace: An under-floor space that has its interior floor area (finished or not) no more than 5 feet below the top of the next-higher floor.Other real property in which the unit owners have use rights.Common elements owned in undivided shares by unit owners.A building designed for use as office or retail space, wholesale space, hospitality space, or for similar uses.Ĭondominium Association: The entity made up of the unit owners responsible for the maintenance and operation of the following:.75% or less of the total floor area within the building for all other residential properties or.50% or less of the total floor area within the building if the residential building is a single family property or.A mixed-use building in which the total floor area devoted to residential uses is:.A building designed as a non-habitational building.A travel trailer without wheels, built on a chassis and affixed to a permanent foundation, that is regulated under the community’s floodplain management and building ordinances or laws.īusiness Building: A building in which the named insured is a commercial enterprise primarily carried out to generate income and the coverage is for:.A manufactured home (a “manufactured home,” also known as a mobile home, is a structure built on a permanent chassis, transported to its site in 1 or more sections, and affixed to a permanent foundation) or. ![]() A structure with 2 or more outside rigid walls and a fully secured roof, that is affixed to a permanent site or.The BFE is shown on the Flood Insurance Rate Map (FIRM) for zones AE, AH, A1–A30, AR, AR/A, AR/AE, AR/A1– A30, AR/AH, AR/AO, V1–V30 and VE.īasement: Any area of the building, including any sunken room or sunken portion of a room, having its floor below ground level (subgrade) on all sides. A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | XYZĪctual Cash Value (ACV): The cost to replace an insured item of property at the time of loss, less the value of physical depreciation.īase Flood: A flood having a 1% chance of being equaled or exceeded in any given year.īase Flood Elevation (BFE): The elevation of surface water resulting from a flood that has a 1% chance of equaling or exceeding that level in any given year. We don’t ever want you to be confused by what’s in your policy, so if you have any questions, or if you want to find out how to secure coverage for your home or business, contact your local Wright Flood agent. That’s why the team at Wright Flood has put together this “Flood Insurance Basics” glossary, full of all the flood insurance terms* you’ll need to understand your flood insurance policy and coverage. But knowing what’s covered and how your policy protects your family and home is key to ensuring you have the coverage you need, when you need it the most. ![]() Flood insurance terminology isn’t always the easiest to understand. ![]()
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