Insuring agreement

Definitions

Coverage A—building

Coverage B—personal property

Other coverages

Increased cost of compliance

Property not covered

Exclusions

Deductibles

General conditions

Loss settlement conditions

Liberalization clause

What law governs

Introduction

 The dwelling form is used for insuring one to four family dwelling buildings and their contents. This form may also be used for a manufactured home, mobile home, a travel trailer meeting certain criteria, or a dwelling under construction. The National Flood Insurance Policy rules permit a condominium unit owner to insure his or her unit under the dwelling form as though it were a single family dwelling. Such policies may be written in the name of the individual unit owner and the condominium association, as their interests may appear, or may be purchased by the association in the name of the owner of the unit. If the condominium association owns the unit, the dwelling form may still be used to insure the unit. When flood insurance is to be written on the entire building in the name of the condominium association alone, the residential condominium building association form or the general property form is used.

 Row or townhouses may be insured using the dwelling form, provided that the living unit is titled as a single family dwelling, has a separate legal description, and is regarded as a separate property for other real estate purposes (such as being capable of being deeded or conveyed).

 The dwelling form is prefaced by the wording that the policy covers only a noncondominium residential building designed for principal use as a dwelling place for one to four families, or a single family dwelling unit in a condominium building.

 Insuring Agreement

 The Federal Emergency Management Agency (FEMA) provides flood insurance under the terms of the National Flood Insurance Act of 1968 and its amendments, and Title 44 of the Code of Federal Regulations (CFR).

We will pay you for direct physical loss by or from flood to your insured property if you:

1. Have paid the correct premium;

2. Comply with all terms and conditions of this policy; and

3. Have furnished accurate information and statements.

We have the right to review the information you give us at any time and to revise your policy based on our review.

 Analysis

The current flood form is similar in its design to a standard homeowners form. This makes it easier for the insured to understand how coverage in this form works.

 Definitions