Terms related to flood insurance

Terms related to flood insurance

To review the terms that you will face before making any final decisions is an excellent idea. When purchasing flood insurance the terms can confuse and prevent many people from making correct choices. The terms used by the insurers can easily be misunderstood by the people, so people are avoiding purchasing flood insurance policies. Terms given below are some of them that confuse consumers:

• ACV - Actual Cash Value

• BFD - Base Flood Depth

• CBRS - Coastal Barrier Resources System

• CBRA - Coastal Barrier Resources Act of 1982

• COLMA - Conditional Letter of Map Amendment

• CRS - Community Rating System

• CBIA - Coastal Barrier Improvement Act of 1990

• COLMR - Conditional Letter of Map Revision

• DFIRM - Digital Flood Insurance Rate Map

• FIRM - Flood Insurance Rate Map

• FEMA - Federal Emergency Management Agency

• FIS - Flood Insurance Study

• FHBM - Flood Hazard Boundary Map

• ICC - Increased Cost of Compliance

• LOMA - Letter of Map Amendment

• LFE - Lowest Floor Elevation

• LODR - Letter of Determination Review

• LMOR - Letter of Map Revision

• MPPP - Mortgage Portfolio Protection Program

• NFIP - National Flood Insurance Program

• NFIRA - National Flood Insurance Reform Act

• OPA - Otherwise Protection Areas

• PRP - Preferred Risk Police

• RCV - Replacement Cost Value

• RCBAP - Residential Condominium Building Association Policy

• SFIP - Standard Flood Insurance Policy

• SDF - Special Direct Facility

• SFHA - Special Flood Hazard Data

• WYO - Write Your Own Program

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