In episode 278 of The Flood Insurance Guru podcast we look at mirrored flood insurance policies.
We look at a few things
- What are they?
- How do they protect you?
First of all lets look at what is a mirrored flood insurance policy?
When you look in the mirror you may like what you see or you may not. However what ever is standing in front of the mirror thats what you get.
Well thats how mirrored flood insurance policies work.
Mirrored flood insurance policies generally have to do with private flood insurance policies.
Lending institutions have strict guidelines when it comes to private flood insurance. They have to meet or exceed the standard flood insurance policy with the National Flood Insurance Program.
Some of these requirements can be found below
- 1. Issued by an insurance company that is licensed, admitted, or otherwise approved to do business of insurance in the State or jurisdiction in which the insured building is located by the insurance regulator of the State or jurisdiction.
- In the case of a policy of difference in conditions also known as a DIC policy multiple peril, all risk, or other blanket coverage insuring nonresidential commercial property is recognized, or not disapproved as a surplus lines insurer by the insurance regulator of that State or jurisdiction.
- Provides flood insurance coverage which is at least as broad as the coverage provided under the standard flood insurance policy under the National Flood Insurance Program.
- Includes requirement to give 45 days of notice of cancellation or non renewal.
These are just a few of things that the policy must mirror. So if you have further questions about mirror flood insurance policies make sure to click here.
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