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.
What is the National Flood Insurance Program Deductible Limit? Homeowners' insurance won't pay a penny of the damages if your house is hit by flooding. Homeowners' policies exempt flood damage from coverage, which is why most homeowners at risk for flooding turn to the federal National Flood Insurance Program (NFIP) to buy it. As with a regular homeowners' policy, claims are limited by the size of the policy and the amount of the deductible.