Standard homeowners and commercial property policies normally do not cover flood damage, given the widespread and catastrophic nature of many floods. Consequently individuals and businesses had no way to insure against the financial consequences of flood losses until the National Flood Insurance Program. The NFIP is often the only source of flood insurance available.

This course focuses on the flood insurance rating process and two key factors relating to rating. Elevation certificates provide valuable information to rate properties. Grandfathering involved certain rules developed to benefit policyholders when flood maps change. Critical coverage issues unique to flood insurance are also addressed

Upon completion of this course, students will be able to:

• •outline the process for determining flood insurance rates, and describe the factors considered in rating
• determine which NFIP property form to use for a given type of risk
• identify the maximum flood insurance policy limits available for various properties
• describe replacement cost coverage, increased cost of compliance (ICC) coverage, policy fees, and other relevant concepts
• explain the grandfather and glidepath concepts