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Flood insurance can be tricky as there are several different types of forms.  It helps to have a good agent who can navigate the NFIP program on your behalf.  Flood maps are updated often over the years and the program is always under the microscope of change and improvement.  ISO has an endorsement that adds flood should you not be located in a high hazard area. 

The GENERAL PROPERTY FORM of the flood program does not have coinsurance and pays claims on an actual cash value basis.  It also excludes loss of use and income.  Maximum limits on this form are $500k and 100k on contents. 

The RESIDENTIAL CONDO BUILDING ASSOCIATION POLICY (REBAP) on the other hand offers replacement cost coverage and does have a coinsurance penalty as the building must be insured to at least 80% of the building's replacement cost or the max amount of insurance available.  Please note under this form you can purchase up to $250,000 times the number of units to insure.  So, a 30 unit condo could be insured for up to 7.5MM.  


If you have flood insurance questions give MFS Insurance a call in Stuttgart, Marianna, Forrest City, Little Rock, Conway, or Greenbrier today or email us your questions and an insurance professional will reply promptly.
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