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Flooding: Everyone is Exposed, Few are Insured, But New Options Entice

ADJUSTERSINTERNATIONAL.COM 5 Under an ISO-based personal flood form coverage is provided for additional living expenses and loss of rents due to a flood. That coverage extends to loss of use resulting from flood damage to neighboring properties that leads civil authorities to deny access to the insured residence. Similarly, an ISO-based commercial flood form (comparable to the NFIP’s “general property” policy) provides coverage for loss of income and extra expenses, including those incurred when access to the insured premises is prohibited due to flood damage at other locations. Other Distinctions There are other important distinctions between an NFIP flood policy and a private one modeled after the ISO form. The highest available limits under the NFIP are $250,000 for a dwelling, $100,000 for household contents, and $500,000 each for commercial buildings and business personal property. Under a private program, the maximum allowable building and personal property limits can be higher or lower than the NFIP levels, depending on the underwriting appetite of the insurer. The highest available limits under the NFIP are $250,000 for a dwelling, $100,000 for household contents, and $500,000 each for commercial buildings and business personal property.

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