What type of property may an applicant choose a maximum deductible of $10000?

What is the purpose of the homeowner Flood Insurance Affordability Act of 2014 Hfiaa )?

The Homeowner Flood Insurance Affordability Act of 2014 (HFIAA) repealed certain parts of previous law – Biggert-Waters, restoring grandfathering, putting limits on certain rate increases and updating the approach to ensuring the fiscal soundness of the fund by applying an annual surcharge to all policyholders.

When did NFIP become a law?

The National Flood Insurance Act of 1968 is legislation enacted in the United States that led to the creation of the National Flood Insurance Program (NFIP).

Under which of the following circumstances would flood insurance be required?

Flood insurance is required for property improvements located in an SFHA Zone A (an area subject to inundation by a 1%-annual-chance flood event) or a Zone V (an area along the coast subject to inundation by a 1%-annual-chance flood event with additional hazards associated with storm-induced waves).

Which of the following would not be classified as personal property for insurance purposes?

Which of the following would NOT be classified as personal property for insurance purposes? A house. The purpose of a stated value contract is: To per-establish the amount of coverage available for property items that are difficult to value.

Which of the following is not covered under the flood policy?

According to the NFIP, the following kinds of damage are not covered by flood insurance: Damage caused by moisture, mildew, or mold that could have been avoided by the property owner or which is not attributable to the flood. Damage caused by earth movement, even if the earth movement is caused by flood.

How do I know if my property is in a flood zone?

A good way to figure that out is on a FEMA flood map. The map shows each community's risk of flooding, including specific flood zones and their boundaries. Simply enter your address on the flood map to pull up a record of your area.

Under what condition may a lender require the purchase of insurance as a condition of making a loan?

Private mortgage insurance (PMI) is a type of insurance that a borrower might be required to buy as a condition of a conventional mortgage loan. Most lenders require PMI when a homebuyer makes a down payment of less than 20% of the home's purchase price.

What is mandatory purchase requirement?

The mandatory purchase requirement requires property owners in NFIP communities to purchase flood insurance if, among other things, they have mortgages from federally regulated lenders. GAO was asked to review the implementation of the mandatory purchase requirement.

What types of structures are eligible for coverage in the Citizens property insurance Corporation?

Is flood insurance tax deductible?

The short answer is that your flood insurance premiums are not a deductible expense on your individual federal income tax return.

Which of the following is true regarding single dwellings that are insured to atleast 80% of the replacement value?

Which of the following is true regarding single dwellings that are insured to a least 80% of the replacement value? They are automatically provided with replacement cost coverage.

What are the 4 types of personal property?

Tangible personal property includes physical objects such as vehicles, furniture and household goods, while intangible personal property includes things like stocks and bonds, as well as intellectual property such as patents and copyrights.

Which of the following is considered personal property?

Personal property can be characterized as either tangible or intangible. Examples of tangible personal property include vehicles, furniture, boats, and collectibles. Stocks, bonds, and bank accounts fall under intangible personal property.

What is listed personal property?

LPP includes all or any part of any interest in or any right to the following properties: prints, etchings, drawings, paintings, sculptures, or other similar works of art. jewellery. rare folios, rare manuscripts, or rare books.

What is qualified mortgage?

A Qualified Mortgage is a category of loans that have certain, less risky features that help make it more likely that you'll be able to afford your loan. A lender must make a good-faith effort to determine that you have the ability to repay your mortgage before you take it out.

What are qualifying ratios for FHA?

Lenders use a ratio called "debt to income" to determine the most you can pay monthly after your other monthly debts are paid. For the most part, underwriting for conventional loans needs a qualifying ratio of 33/45. FHA loans are less strict, requiring a 31/43 ratio.

Which of the following is not permitted for a Hoepa loan?

Which of the following is not permitted for a HOEPA loan? The answer is making a loan solely based on the collateral value of the property. Under HOEPA, you may not make a loan solely based on the value of the borrower's collateral without considering his/her ability to repay the loan.

What type of coverage is recognized by the NFIP?

The NFIP's Dwelling Form offers coverage for: 1. Building Property, up to $250,000, and 2. Personal Property (Contents), up to $100,000. The NFIP encourages people to purchase both types of coverage.

What does NFIP stand for?

The National Flood Insurance Program (NFIP) is managed by the FEMA and is delivered to the public by a network of more than 50 insurance companies and the NFIP Direct.

Is the National Flood Insurance Program ending?

Congress must periodically renew the NFIP's statutory authority to operate. On March 11, 2022, the president signed legislation passed by Congress that extends the National Flood Insurance Program's (NFIP's) authorization to Sept. 30, 2022.