FLOOD07997

• County: Statewide
• Basin: Statewide
• Title: Flood Insurance Manual
• Date: 10/1/1992
• Prepared For: US
• Prepared By: National Flood Insurance Program
• Floodplain - Doc Type: Project

policy. Outdoor antennas and aerials. carpeting. awnings. appliances and
other outdoor equipment. all whether attaChed to the insured building or
not, are excluded from the replacement cost coverage. For purposes of this
Article VII, a single family dwelling qualifies as your principal residence
provided that, at the time of the loss, you or your spouse have lived in your
building for either (I) 80% of the calendar year immediately preceding the
loss or (2) 80% of the period of your ownership of the insured building,
if less than one calendar year immediately preceded the loss. For purposes
of this Article, the replacement cost provisions do not apply to a con-
dominium unit within a vertical building having one or more condominium
units in it not contiguous to the ground. Under this Article:
A. If at the time of loss the total amount of insurance applicable Co said
dwelling is 80% or more of the full replacement cost of such dwelling. or
is the maximum amount of insurance available under the National Flood
Insurance Program, the coverage of this policy applicable to such dwelling
is extended to include the full CDS( of repair or replacement (without deduction
for depreciation).
B. If at the time of loss the total amount of insurance applicable to saki
dwelling is less than 80% of the full replacement cost of such dwelling and
less than the maximum amounl of insurance available under the National
Flood Insurance Program, our liability for loss under this policy shall not
exceed the larger of the following amounts:
1. The actual cash value (meaning replacement cost less depreciation)
of thai pan of the dwelling damaged or destroyed; or
2. That ponion of the full cost of repair or replacement without deduc-
tion for depreciation of that part of the dwelling damaged or destroyed,
which the total amounl of insurance applicable to said dwelling bears 10
80% of the full replacement cost of such dwelling.
If80% oflhe full replacement cost of such dwelling is greater than lhe
maximum amount of insurance available under the National F100d Insurance
Program. use the maximum amount in lieu of the 80% figure in the ap-
plication of this limit.
C. Our liability for loss under this policy shall nOl exceed the smallest
of the following amounts:
I. The limit of liability of this policy applicable to the damaged or
destroyed building;
2. The replacement COSl of the dwelling or any part thereof identical with
such dwelling on the same premises and intended for the same occupancy
and\1se: or
3. The amount actually and necessarily expended in repairing or replac-
ing said dwelling or any pan thereof intended for the same occupancy and
use.
D. When the full cost of repair or replacement is more than $1 ,000 or
more than 5 % of the whole amount of insurance applicable to said dwell-
ing, we shall not be liable for any loss under paragraph A or subparagraph
B-2 of these provisions unless and until actual repair or replacement is
completed.
E. In determining if the whole amount of insurance applicable to said
dwelling is 80 % or more of the full replacement COM of such dwelling. the
cost of excavations, underground flues and pipes. underground wiring and
drains, and brick. stone and concrete foundations. piers and other supports
which are below the under surface of the lowest basement floor, or where
there is no basement. which are below the surface of the ground inside the
foundation walls, shall be disregarded.
F. You may elect to disregard this condition in making claim hereunder.
but such election shall not prejudice your right to make further claim within
180 days after loss for any additional liability brought about by these
provisions.
G. These Replacement Cost Provisions do not apply 10 any manufac-
tured (i.e., mobile) home which when assembled is not at least 16 feet wide
or does not have an area within its perimeter walls of at least 6(X) square
feet or personal property (contents) covered under this policy. nor do they
apply to any loss where insured property is abandoned and remains as debris
at the property address following a loss.
H. If your dwelling sustains a total loss or if we should pay you the entire
building loss proceeds under these replacement cosl provisions, there is
no requirement that you rebuild the building at the insured propeny address.
I. If the community in which your property is located has been converted
from the Emergency Program to the Regular Program during the current
policy term, then these Replacement Cost Provisions shall be applied based
on the maximum amount of insurance available under the National F100d
Insurance Program at the beginning of the current policy term instead of

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at lhe time of loss.

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ARTICLE VIII-
GENERAL CONDITIONS AND PROVISIONS
A. Pair and Set Clause: If you lose an article which is part of a pair
or set. we will have the option of paying you an amount equal to the cost
of replacing the lost anicle. less depreciation, or an amount which represenls
the fair proportion of the total value of the pair or set that the lost article
bears to the pair or set.
B, Concealment, Fraud: We will not cover you under this policy, which
shall be void. nor can this policy be renewed or any new flood insurance
coverage be issued to you if you have sworn falsely. or willfully concealed
or misrepresenled any material fact. or done any fraudulent act concerning
this insurance (See' 'F" , below). In addition. we will not cover you under
this policy, which shall be void. in the event you have willfully concealed
or misrepresemed any fact on a . 'Recertification Questionnaire". which
causes us to issue a policy to you based on a premium amount which is
less than the premium amount which would have been payable by you were
it nOl for the misstatement of fact (see "G", below).
C. Other Insurance: We shall not be liable for a greater proportion of
any loss, less the amount of deductible, from the peril of flood than the
amount of insurance under this policy bears to the whole amount of flood
insurance (excluding therefrom any amount of "excess insurance" as
hereinafter defined) covering the property, or which would have covered
the property except for the existence of this insurance. whether collectible
or not. In other words. if you obtain additional flood insurance to cover
the structure insured by this fK)licy beyond that obtained under the authori-
ty ofthe National Flood Insurance Act of 1968. as amended. then you must
acquire the maximum amount of available flood insurance under said Act
in order 10 avoid the imposition of proration as described in the preceding
sentence.
In the event that the whole amount offlood insurance (excluding therefrom
any amount of' 'excess insurance" as hereinafter defined) covering the pr0p-
erty exceeds the maximum amount of insurance permitted under the provi-
sions of the National Flood Insurance Act of 1968. or any acts amendatory
thereof, it is hereby understood and agreed that the insurance under this
policy shall be limited 10 a proportionate share of the maximum amount
of insurance permitted on such property under said Act. and that a refund
of any extra premium paid, computed on a pro-rata basis. shall be made
by us upon request in writing submitted not laler than 2 years after the ex-
piration of the policy term during which such extra amount of insurance
was in effect.
"Excess Insurance" as used herein shall be held to mean insurance of
such part of the actual cash value of the propeny as is in excess of the max-
imum amount of insurance permitted under said Act with respect to such
property.
D. Amendments, Waivers, Assignment: This Standard Flood Insurance
Policy cannot be amended nor can any of its provisions be waived without
the express written consent of lhe Federal Insurance Administrator. No
action we take under the terms of this policy can constitute a waiver of any
of our rights. Except in the case of (I) a contents only policy and (2) a policy
issued 10 cover a building in the course of construction. assignment of this
policy, in writing. is allowed upon transfer of title.
E, Cancellation or Polley By You:
You can cancel this policy at any time but a refund of premium money
will only be made to you when:
a. You cancel because you have transferred ownership of the insured
property to someone else. In this case, we will refund to you, once we receive
your wrinen request for cancellation (signed by you), the excess of premiums
paid by you which apply to the unused portion of the policy's term. pro-
rata but with retention of the expense constant.
b. You cancel because we have determined that your property is not,
in fact, in a special flood hazard area; and you were required to purchase
flood insurance coverage by a private lender or Federal agency pursuant
to P.L. 93-234, fl02: and the lender or Federal agency no longer requires
the retention by you of the coverage. In this event. if no claims have been
paid or are pending. your premium payments will be refunded to you in
full, according to our applicable regulations.
c. You cancel a policy having a term of three (3) years. on an anniver-
sary date. and the reason for the cancellation is:
(i) A policy of flood insurance has been obtained or is being obtained

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October 1992