It should be noted that additional named insureds do not necessarily have all of the privileges and. obligations of the first named insured such as the obligation to pay premiums and the right to. cancel coverage and receive notice of cancellation.
Generally, physical damage to your building or personal property âdirectlyâ caused by a flood is covered by your. flood insurance policy. For example, damages caused by a sewer backup are covered if the backup is a direct result. of flooding.
A SFHA is an area that has been determined to have a 1% annual chance of flooding in 100 years and FEMA requires mandatory flood insurance on property located in a SFHA. Your property was not studied by FEMA individually. This is why there is a 60% margin of error in the flood maps.