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100-Year Flood Event

Also referred to as a "Base Flood." This is a flood having a 1% chance of being equaled or exceeded in any given year. This is a catastrophic flood event that is not expected to occur more than one time in any 100-year period. The volume of water used to calculate the 100-year flood is different for each community because it is based upon historical rainfall data for that specific community.

Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12)

The U.S. Congress passed the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12) in July 2012. This act required the Federal Emergency Management Agency (FEMA) along with other agencies, to implement changes to the National Flood Insurance Program (NFIP). Provisions detailed in the legislation now require the NFIP to raise rates reflecting true flood risk as well as make the program more financially stable, changing how Flood Insurance Rate Map (FIRM) updates impact policyholders. Changes may mean a premium increase for some policy holders over time. Business owners and homeowners are encouraged to learn their flood risk and determine if their policy will be affected by BW-12.

Declarations Page

The Declarations Page is the first page of the flood insurance policy and is a component of the flood insurance policy. It is a computer generated summary provided by the carrier to the policyholder which describes the term of the policy, limits of coverage, flood zone classification, premium, and other rating information.

Elevation Certificate

This document is prepared by a licensed surveyor and provides information required to perform a flood risk analysis or rate a flood policy for a post-FIRM building. It provides property information, flood insurance rate map information, building information, community information and surveyor certification. The elevation certificate provides elevation data for many points in and around the subject building.

Federal Emergency Management Agency (FEMA)

FEMA is a federal agency in the Department of Homeland Security. Headquartered in Washington, DC, with regional offices around the country, FEMA works in partnership with other federal, state, and local organizations to plan and coordinate the nation's emergency management system. FEMA's responsibilities include preparing flood insurance rate maps, advising communities on building codes and floodplain management, administering the National Flood Insurance Program (NFIP), coordinating the federal response to disasters, making disaster assistance funds available to states, communities, businesses and individuals.

Flood

For purposes of filing a claim under a NFIP flood insurance policy, a flood is a general and temporary condition of partial or complete inundation of two or more acres of normally dry land or of two or more properties (at least one of which is the policyholder's property) from an overflow of inland or tidal waters; or unusual and rapid accumulation or runoff of surface waters from any source; or mud flow; or collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above.

Flood Risk Analysis (FRA)

A thorough assessment of the flood risk inherent to an insured building or home, where the goal is to determine whether or not the building or home is at high-risk or low-risk to damage in the event of a 100-year flood event. The analysis involves a comparison of data illustrating the building or home's flood risk to the flood insurance study published by FEMA for the community within which the building or home is located.

Flood Zones

A flood zone is a geographical area shown on a flood map (FHBM - Flood Hazard Boundary Map or FIRM - Flood Insurance Rate Map) that reflects the severity or type of flooding that may occur in the area. Some flood zones denote areas that may be at high-risk of flooding during 100-year flood events, and these high-risk areas are referred to as Special Flood Hazard Areas (flood zones A, AE, AH, AO, AR, A1-30, A99, V, VE, V1-30). Other flood zones denote areas that are at low-risk of flooding during 100-year flood events, and these low-risk areas are flood zones B, C, and X. For property owners with a mortgage, flood insurance is required in high-risk flood zones and is not required in low-risk flood zones.

Floodplain Management

The operation of an overall program of corrective and preventive measures for reducing flood damage; including but not limited to, emergency preparedness plans. Floodplain management regulations ensure responsible construction practices and flood control work to effectively control the flow of floodwaters during 100-year flood events to mitigate potential damage.

LOMA and LOMR

A Letter of Map Amendment (LOMA) or Letter of Map Revision (LOMR) is a final flood zone determination that is issued by FEMA after performing a detailed analysis of the flood risk associated with your building. FEMA issues a LOMA or LOMR to prove the correct flood zone classification for a building. Most LOMA and LOMR are issued to prove a building is not in a Special Flood Hazard Area (SFHA).

National Flood Insurance Program (NFIP)

The National Flood Insurance Program is a federal program enabling property owners in participating communities to purchase insurance protection against losses from flooding. Participation in the NFIP is based on an agreement between local communities and the federal government that provides the availability of flood insurance as long as communities adopt and enforce a floodplain management ordinance to reduce future flood risks.

Participating Communities

A community or municipality (counties, cities, towns, villages) for which FEMA has authorized the sale of flood insurance under the NFIP. In order to become a Participating Community, a community must adopt a strict floodplain management program to ensure that all new buildings and homes are built to protect against damage during 100-year flood events.

Preferred Risk Policy (PRP)

A policy available to homes and buildings located in low-risk flood zones (Zones B, C and X), except condominium association buildings. The PRP offers fixed combinations of building and contents coverage or contents-only coverage. These policies are available at fixed premiums that are lower than premiums for standard flood insurance policies.

Residential Condominium Building Association Policy (RCBAP)

The Residential Condominium Building Association Policy allows condominium associations to purchase flood insurance coverage on a residential building and its contents without imposing the burden of purchasing individual policies for each unit.

Recorded Deed

A deed is a document prepared to evidence the transfer of ownership between parties in a real estate transaction. It provides a legal description of the property being transferred, lists the parties involved in the transaction, and other pertinent information to accurately reflect the transaction. After completion of the real estate transaction, the deed is recorded with the county clerk's office as a permanent public record of the transaction.

Special Flood Hazard Area (SFHA)

An area having special flood, mudflow, or flood-related erosion hazards. SFHAs are shown on a Flood Hazard Boundary Map or Flood Insurance Rate Map as flood zones beginning with the letters A and V (A, AE, AH, AO, AR, A1-30, A99, V, VE, V1-30). SFHAs are flood prone areas where FEMA predicts flooding may occur during a 100-year storm. FEMA requires communities to enact and enforce a strict floodplain management program to ensure that buildings and homes built in SFHAs are not susceptible to damage during 100-year storms.

Standard Flood Insurance Policy

A flood insurance policy to insure a commercial or residential building and/or the contents of the building. These policies are available for buildings and homes in high-risk and low-risk flood zones. There are three types of Standard Flood Insurance Policies: Dwelling form, which insures a single-family or a 2-4 family dwelling; General Property Form, which insures other residential or non-residential buildings; and, Residential Condominium Building Association Policy (RCBAP), which insures condominium buildings.