What is the maximum that can be collected for a loss under the NFIP policy?
An insured will never be paid more than the value of the covered loss, less deductible, up to the amounts of insurance purchased. Therefore, purchasing insurance to value is an important consideration. The amount of insurance a property owner needs should be discussed with your insurance agent or broker.
Related Questions
- What types of property does a NFIP policy insure? A NFIP policy insures against direct physical loss by or from flood to items such as: What else does a NFIP policy insure?
- How is damaged residential property valued after a loss under an NFIP policy?
- What is the maximum that can be collected for a loss under the NFIP policy?
