Standard Flood Insurance Policy, General Property Form (complete policy form)

What this document is

44 C.F.R. Part 61, Appendix A(2) - Standard Flood Insurance Policy, General Property Form (complete policy form) is a regulation published by Federal Emergency Management Agency, Federal Insurance and Mitigation Administration; Office of the Federal Register / National Archives (Electronic Code of Federal Regulations, eCFR). It is one of the documents that insurance license exam questions are written from, including property & casualty, claims adjuster practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• 44 C.F.R. pt. 61, App. A(2), Art. II.A (Definitions, you and your)

  “A. In this policy, “you” and “your” refer to the named insured(s) shown on the Declarations Page of this policy. Insured(s) also includes: Any mortgagee and loss payee named in the Application and Declarations Page, as well as any other mortgagee or loss payee determined to exist at the time of...”

• 44 C.F.R. pt. 61, App. A(2) (SFIP General Property Form), Art. I.A (Coverage Under This Policy)

  “A. Coverage Under This Policy 1. Except as provided in I.A.2, this policy provides coverage for multifamily buildings (residential buildings designed for use by 5 or more families that are not condominium buildings), non-residential buildings, and their contents. 2. There is no coverage for a...”

• 44 C.F.R. pt. 61, App. A(2) (SFIP General Property Form), Art. VII.R (General Conditions, Loss Settlement)

  “R. Loss Settlement We will pay the least of the following amounts after application of the deductible: 1. The applicable amount of insurance under this policy; 2. The actual cash value; or 3. The amount it would cost to repair or replace the property with material of like kind and quality within a...”

• 44 C.F.R. pt. 61, App. A(2) (SFIP General Property Form), Art. III.A.1 (Coverage A, condominium association as named insured)

  “1. The building described on the Declarations Page at the described location. If the building is a condominium building and the named insured is the condominium association, Coverage A includes all units within the building and the improvements within the units, provided the units are owned in...”

• 44 C.F.R. pt. 61, App. A(2) (SFIP General Property Form), Art. III.B.1 (Coverage B, condominium association property)

  “1. If you have purchased personal property coverage, we insure, subject to B.2-4 below, against direct physical loss by or from flood to personal property inside the fully enclosed insured building: a. Owned solely by you, or in the case of a condominium, owned solely by the condominium association...”

• 44 C.F.R. pt. 61, App. A(2) (SFIP General Property Form), Art. III.B.3 (Coverage B, household or other than household personal property)

  “3. When this policy insures personal property, coverage will be either for household personal property or other than household personal property, while within the insured building, but not both.”

• 44 C.F.R. pt. 61, App. A(2) (SFIP General Property Form), Art. III.B.3.b (Coverage B, other than household personal property)

  “b. If this policy insures other than household personal property, it will insure your: (1) Furniture and fixtures; (2) Machinery and equipment; (3) Stock; and (4) Other personal property owned by you and used in your business, subject to IV, Property Not Insured.”

• 44 C.F.R. pt. 61, App. A(2) (SFIP General Property Form), Art. II.C.28 (Definitions, Stock)

  “28. Stock means merchandise held in storage or for sale, raw materials, and in-process or finished goods, including supplies used in their packing or shipping. Stock does not include any property not insured under Section IV. Property Not Insured, except the following: a. Parts and equipment for...”

• 44 C.F.R. pt. 61, App. A(2) (SFIP General Property Form), Art. III.B.9 (Coverage B, condominium unit owner interior surfaces)

  “9. If you are a condominium unit owner, you may apply up to 10 percent of the Coverage B limit to cover loss to interior: a. walls, b. floors, and c. ceilings, that are not insured under a policy issued to the condominium association insuring the condominium building. This coverage does not...”

• 44 C.F.R. pt. 61, App. A(2) (SFIP General Property Form), Art. IV.16 (Property Not Insured, unit owner property)

  “16. Personal property owned by or in the care, custody or control of a unit owner, except for property of the type and under the circumstances set forth under III. Coverage B - Personal Property of this policy.”

• 44 C.F.R. pt. 61, App. A(2) (SFIP General Property Form), Art. VII.C (General Conditions, Amendments, Waivers, Assignment)

  “You may assign this policy in writing when you transfer title of your property to someone else except under these conditions: 1. When this policy insures only personal property; or 2. When this policy insures a building under construction.”

• 44 C.F.R. pt. 61, App. A(2) (SFIP General Property Form), Art. VII.F (General Conditions, Conditions Suspending or Restricting Insurance)

  “We are not liable for loss that occurs while there is a hazard that is increased by any means within your control or knowledge.”

Practice this material

Questions about this source

More Federal sources sources

• Coverage for Pre-existing Conditions (Affordable Care Act) - HealthCare.govFederal guidance
• 20 C.F.R. § 404.1520 -- Evaluation of Disability in General (the five-step sequential evaluation process)Regulation
• Parts of Medicare (Medicare & You / medicare.gov)Federal guidance
• Continuation of Health Coverage (COBRA) - U.S. Department of LaborReference
• Portability of Health Coverage (HIPAA) - U.S. Department of LaborReference
• Fair Credit Reporting Act - 15 U.S.C. § 1681a (Definitions)State statute
• 15 U.S.C. s. 1681b: FCRA permissible purposes of consumer reportsState statute
• 15 U.S.C. s. 1681c: FCRA requirements relating to obsolete information in consumer reportsState statute