The statutory annual surcharge imposed on each policy by Congress in HFIAA, ranging from $25 for single-family primary residences to $250 for all other properties.

A rate charged to a group of policies that results in aggregate premiums sufficient to pay anticipated losses and expenses for that group.

An additional amount of height above the Base Flood Elevation used as a factor of safety (e.g., two feet above the Base Flood) in determining the level at which a structure's lowest foor must be elevated or floodproofed to be in accordance with state or community floodplain management regulations.

FAQs Archive - Page 19 of 23 - Flood Insurance Education & Resources

Q: Group Flood Insurance Policy (GFIP)

Issued by the NFIP Direct Program in response to a Presidential Disaster Declaration. Disaster assistance applicants, in exchange for a modest premium, receive a minimum amount of building and/or contents coverage for a three-year policy period. An applicant may cancel the group policy at any time and secure a regular Standard Flood Insurance Policy (SFIP) through the NFIP.

Q: Flood Insurance Reform Act of 2004

The 2004 Act further strengthened the NFIP with a number of reforms, that included, reducing losses to properties for which repetitive food insurance claim payments have been made, creating policyholder awareness about individual food insurance policies, increasing policyholder information on guidance about the flood insurance claims process, and establishing a minimum flood insurance training and education requirement for insurance professionals.

Q: Flood Disaster Protection Act

A 1973 act that made the purchase of flood insurance mandatory for the protection of property located in Special Flood Hazard Areas.

HFIAA Surcharge

The statutory annual surcharge imposed on each policy by Congress

By Olivia|2021-09-13T23:37:02-05:00September 13th, 2021|Definitions|Comments Off

Homeowner Flood Insurance Affordability Act of 2014 (HFIAA)

Act repealing and modifying certain provisions of the Biggert-Waters Flood

By Olivia|2021-09-13T23:36:22-05:00September 13th, 2021|Definitions|Comments Off

Highest Adjacent Grade (HAG)

The highest natural elevation of the ground surface prior to

By Olivia|2021-09-13T23:35:38-05:00September 13th, 2021|Definitions|Comments Off

Group Flood Insurance Policy (GFIP)

Issued by the NFIP Direct Program in response to a

By Olivia|2021-09-13T23:35:13-05:00September 13th, 2021|Definitions|Comments Off

General Property Form

The policy form used to insure a non-residential building or

By Olivia|2021-09-13T23:34:20-05:00September 13th, 2021|Definitions|Comments Off

Full-Risk Rate

A rate charged to a group of policies that results

By Olivia|2022-10-20T11:00:34-05:00September 13th, 2021|Comments Off

Freeboard

An additional amount of height above the Base Flood Elevation

By Olivia|2021-09-13T23:32:48-05:00September 13th, 2021|Definitions|Comments Off

Floodproofing Certificate

Document of certification by a registered professional engineer or architect

By Olivia|2021-09-13T23:32:03-05:00September 13th, 2021|Definitions|Comments Off

Flood Insurance Reform Act of 2004

The 2004 Act further strengthened the NFIP with a number

By Olivia|2021-09-13T23:31:03-05:00September 13th, 2021|Definitions|Comments Off

Flood Disaster Protection Act

A 1973 act that made the purchase of flood insurance

By Olivia|2021-09-13T23:29:59-05:00September 13th, 2021|Definitions|Comments Off