It is an excellent idea to review the terminology that you will face before making any final decisions. The terminology can confuse many consumers and prevent them from making the correct choices when it comes to purchasing flood insurance. The terminology that insurers use is so commonly misunderstood that consumers are trying to avoid purchasing flood insurance policies at all. Here are some of the terminology that confuses consumers:
ACV - actual cash value - the value of property as figured by determining the cost to replace the damaged or destroyed property; replacement cost minus depreciation.
BFD - Base Flood Depth
BFE - Base Flood Elevation
CBRA - Coastal Barrier Resources Act of 1982
CBIA - Coastal Barrier Improvement Act of 1990
CBRS - Coastal Barrier Resources System
COLMA - Conditional Letter of Map Amendment
COLMR - Conditional Letter of Map Revision
CRS - Community Rating System
DFIRM - Digital Flood Insurance Rate Map
FEMA - Federal Emergency Management Agency
FHBM - Flood Hazard Boundary Map
FIRM - Flood Insurance Rate Map
FIS - Flood Insurance Study
ICC - Increased Cost of Compliance
LFE - Lowest Floor Elevation
LODR - Letter of Determination Review
LOMA - Letter of Map Amendment
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
RCBAP - Residential
RCV - Replacement Cost Value
SDF - Special Direct Facility
SFHA - Special Flood Hazard Data
SFIP - Standard Flood Insurance Policy
By: www.2insure4less.com
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