Flood Insurance

Definition

  • 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.

Synonyms
flood policy, flooding insurance, flood damage insurance, flood damage 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.
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