Owner

In flood insurance, an Owner is the individual or entity that holds legal title or a recognized ownership interest in a building or property at the time of a flood loss.

Under the National Flood Insurance Program (NFIP), the owner is typically the mortgagor or borrower listed on the policy. In certain situations, the owner may also be a lender or financial institution that has acquired the property through a deed in lieu of foreclosure, repossession, or similar legal process prior to the loss.

Ownership status matters because only a party with an insurable interest in the property is eligible to obtain flood insurance coverage or receive claim payments under an NFIP policy. The definition of owner can vary depending on the policy type and the legal status of the property at the time of loss.