Flood Insurance terms starting with P

6 terms

  1. Participating Community A community for which the Federal Emergency Management Agency (FEMA) has authorized the sale of flood insurance under the National Flood Insurance Program…
  2. Policy The contract form issued by the company to explain the coverage provided. It is a legal document.
  3. Post-FIRM Building A building for which construction or substantial improvement occurred after December 31, 1974, or on or after the effective date of an initial Flood…
  4. Pre-FIRM Building A building for which construction or substantial improvement occurred on or before December 31, 1974, or before the effective date of an initial Flood…
  5. Preferred Risk Policy (PRP) A policy that offers fixed combinations of building/contents coverage or contents-only coverage at modest, fixed premiums.
  6. Probation Surcharge (Premium) A flat charge that the policyholder must pay on each new or renewal policy issued covering property in a community that the NFIP has placed on probation…