What is the Definition of Flood Insurance?

What is the Definition of Flood Insurance?

Coverage for flood damage is available from the federal government under the National Flood Insurance Program but is sold by licensed insurance agents. Flood coverage is excluded under homeowners policies and many commercial property policies. However, flood damage is covered under the comprehensive portion of an auto insurance policy. (See Adverse selection)

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

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What is the Definition of Flood Insurance?

What is the Definition of Flood Insurance?

You can find random definition and meaning of insurance terms below:

Meaning of Policyholders’ Surplus in Insurance Terms

The amount of money remaining after an insurer’s liabilities are subtracted from its assets. It acts as a financial cushion above and beyond reserves, protecting policyholders against an unexpected or catastrophic situation.

Meaning of Political Risk Insurance in Insurance Terms

Coverage for businesses operating abroad against loss due to political upheaval such as war, revolution, or confiscation of property.

Meaning of Pollution Insurance in Insurance Terms

Policies that cover property loss and liability arising from pollution-related damages, for sites that have been inspected and found uncontaminated. It is usually written on a claims-made basis so policies pay only claims presented during the term of the policy or within a specified time frame after the policy expires. (See Claims made policy)

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