Question

Is government-subsidized flood insurance more likely to help relatively rich people or relatively poor people? Will it increase, decrease, or leave unchanged the amount of damage occurring from floods?

Answer 1

Policy (SFIP), actually touches and damages NFIP-insured property. A loss caused

by a flood in progress at the time an SFIP comes into effect may be subject to the

flood-in-progress exclusion. If the SFIP was effective prior to the date the flood in

progress began, coverage will be effective. A flood is in progress on the earlier of

either the date the community in which the NFIP-insured property is located first

experiences a flood as defined in the SFIP, or on the date of an event initiating a

flood that directly or indirectly affects areas downstream or in a floodway.

70. Is damage caused by a flood in progress covered?

If a policy is in effect on the date the flood in progress begins, damage caused

by the flood in progress is covered, subject to the terms of the SFIP. If a policy

is effective after the date the flood is in progress, damage caused by the flood in

progress most likely will not be covered. However, each NFIP claim is adjusted

individually and the cause of any loss, and any applicable limitations or exclusion

in the SFIP, is determined during the claims adjustment process.

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