- A policy that pays the homeowner for damage caused by rising water. It does not reimburse the owner for falling water, such as rain falling through a hole in the roof, but pays for damage stemming from flooding.
flood damage insurance, flooding insurance, flood damage policy, flood policy
Related Terms and Acronyms
- Act of God (AOG) — Acronym,
- When used in insurance policies, an event caused by natural forces such as hail, rain, tornado, lightning, floods or earthquakes, which results in damage to property.
- Catastrophe Insurance — Definition,
- Insurance that covers losses due to catastrophe hazards such as hurricanes, earthquakes and terrorist attacks.
- Exclusions — Definition,
- Situations, as listed in an insurance policy, where insurance companies are allowed to deny coverage to policyholders.
- Flood Plain (flpl) — Abbreviation,
- Land that is prone to inundation.
- Hazard Insurance — Definition,
- Insurance that covers hazards that are considered risky enough not to be covered by a standard insurance policy.
- Homeowners Insurance — Definition,
- A policy that includes hazard coverage, covering loss or damage to property and/or assets located within, as well as coverage for personal liability and theft.
- Property Insurance — Definition,
- Insurance that provides coverage for damages to property from a number of perils.
- Reliction — Definition,
- An increase in the amount of land that occurs when a river or sea permanently withdraws.
- Water Damage Insurance — Definition,
- Insurance that covers water damage to insured property.
- Water Damage Legal Liability Insurance — Definition,
- Insurance that covers policyholders for liability from water damage to another party's property.
- Windstorm Insurance — Definition,
- Insurance that covers damages resulting from windstorms.