Residential structures, including individual condominium units, and their contents are insured by what part of the national flood insurance program?

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16-08-2022
Social Studies

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Residential structures, including individual condominium units, and their contents are insured by what part of the national flood insurance program?

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tutorconsortium203 tutorconsortium203 · Answer 1 · 2022-08-20T15:53:30+02:00

Residential structures, including individual condominium units, and their contents are insured by part of the national flood insurance program called "Dwelling policy form".

What is national flood insurance program?

The FEMA manages a National Flood Insurance Program (NFIP), which is supplied to the public through a system of ever more than 50 insurers and the NFIP Direct.

Some characteristics of national flood insurance program are-

Floods can occur anywhere, with just 1 inch of floodwater causing up to $25,000 of damage. Most homeowner's insurance policies exclude flood damage.
Insurance coverage is a distinct policy that can protect structures, building contents, or even both, so it is critical to secure your most valuable financial assets – your house, business, and possessions.
The National Flood Insurance Program (NFIP) provides insurance coverage to property owners, renters, and companies, and having this coverage allows them to recover faster once floodwaters recede.
The NFIP works with municipalities that must establish and implement floodplain management laws to assist lessen the consequences of floods.

To know more about the national flood insurance program, here

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