TeachMeFinance.com - explain Group Flood Insurance Policy (GFIP)
Group Flood Insurance Policy (GFIP) The term 'Group Flood Insurance Policy (GFIP)' as it applies to the area of flooding can be defined as 'Issued by the NFIP Direct Program in response to a presidential disaster declaration. Disaster assistance applicants, in exchange for a modest premium, receive a minimum amount of building and/or contents coverage for a 3-year policy period. An applicant may cancel the group policy at any time and secure a regular Standard Flood Insurance Policy through the NFIP'.
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