An elevated building has no basement and has its lowest elevated floor raised above the ground by foundation walls, shear walls, posts, piers, pilings, or columns.
The Residential Condominium Building Association Policy (RCBAP) has to be insured to at least ______ of the RCV, or to the maximum limits available, to avoid a co-insurance penalty.
Replacement Cost Value loss settlement is guaranteed as part of the Standard Flood Insurance Policy.
When FIRMs change, what grandfathering options do property owners have?
Actual Cash Value is the cost to replace property with the same kind of material and construction without deduction for depreciation.
A basement is defined as any area of the building, including any sunken room or sunken portion of a room, having its floor below ground level (subgrade) on all sides.
What important flood-insurance-related information is shown on a FIRM?
A flood is a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or two or more properties (at least one of which is your property) from, for example:
Which of these items is covered in a basement?
Post-FIRM refers to construction or substantial improvement that started on or before December 31, 1974 or before the effective date of the initial FIRM for the community, whichever is later.