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<br />e <br /> <br />. <br /> <br />e <br /> <br />I . <br />I <br />I <br />II . <br />, <br /> <br />Ie <br /> <br />7. WHAT ARE SOME OF THE POLICY PROVISIONS THAT AFFECf CLAIM <br />PAYMENTS? <br /> <br />Actual Cash Value-.The SFIP is an actual cash value policy. Actual cash value is defined <br />in the policy as replacement cost less physical depreciation. <br /> <br />Replacement Cost Coverage--Only the Dwelling Form contains replacement cost <br />provisions. Replacement cost coverage applies only to a single-family dwelling or <br />rowhouse-type condominium unit which is the insured's principal residence. To qualify <br />the dwelling as a principal residence, the insured or the insured's spouse must have lived <br />at that dwelling more than 80% of the year preceding the loss, or more than 80% of the <br />period of ownership if less than a year. Replacement cost coverage does not apply to <br />condominium units in a vertical building having one or more condominium units not <br />contiguous to the ground (those that are not of a rowhouse type). Replacement cost <br />coverage does not apply to manufactured homes less than 16 feet wide and with less <br />than 600 square feet of area within the perimeter walls. To receive the benefit of <br />replacement cost coverage, the insured must carry either the maximum amount of <br />insurance available under the program or 80% of the replacement cost of the dwelling <br />at the time of loss. <br /> <br />Replacement cost coverage is available under the Preferred Risk Policy as long as all <br />replacement cost provisions are met. <br /> <br />Deductibles--The deductible, which applies separately to a building loss and a contents <br />loss, is as follows: <br /> <br />o For new or renewed policies on property located in an <br />Emergency Program community or for property located in <br />a Regular Program community in Zones A, AO, AH, AI- <br />A30, AE, V, VI-V30, or VB, where Pre-FIRM rates are <br />used to calculate the premium, the deductible for each <br />loss occurrence is $750. <br /> <br />EMERGENCY <br />PROGRAM!' <br />PRE-FIRM <br />RATES <br /> <br />o For new or renewed policies on property located in <br />Regular Program communities in Zones B, C, X, D, and <br />A99, the deductible for each loss occurrence is $500. <br /> <br />REGULAR <br />PROGRAM- <br />B,C,X,D <br />AND A99 <br />ZONES <br /> <br />REGULAR <br />PROGRAM! <br />ELEVATION <br />RATED/PRE- <br />AND POST-FIRM <br /> <br />o For new or renewed policies on property located in <br />Regular Program communities in Zones A, AO, AH, Al- <br />A30, AE, V, VI-V30, or VE, where elevation rates are <br />used to calculate the premium, the deductible for each <br />loss occurrence is $500, <br /> <br />Optional deductibles may be selected in multiples of $1,000 up to $5,000. (See table, I <br />page RATE 6.) Optional deductibles selected for building coverage and contents <br />coverage need not be the same. <br /> <br />Sandbags, Temporary Levees, Pumps, etc.--Reasonable expenses incurred for these is <br />available up to a maximum of the minimum building deductible to save the building <br />from imminent danger of a flood loss. For reimbursement of these expenses, the <br />following conditions must be met: <br /> <br />October 1992 <br /> <br />POL 9 <br />