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Flood insurance is the specific insurance coverage issued against property loss from flooding. To determine risk factors for specific properties, insurers will often refer to topographical maps that denote lowlands , floodplains and other areas that are susceptible to flooding.
A flood insurance rate map (FIRM) is an official map of a community within the United States that displays the floodplains, more explicitly special hazard areas and risk premium zones, as delineated by the Federal Emergency Management Agency (FEMA). [1]
The National Flood Insurance Program (NFIP) is a program created by the Congress of the United States in 1968 through the National Flood Insurance Act of 1968 (P.L. 90-448). The NFIP has two purposes: to share the risk of flood losses through flood insurance and to reduce flood damages by restricting floodplain development.
The average annual cost of flood insurance from the NFIP was $700 per year, but under the new system policyholders pay on average $800. Risk Rating 2.0 considers a host of variables that weren’t ...
Highlands, New York, was underwater and under a state of emergency as devastating floods swept the area this weekend. Gov. Kathy Hochul warned of “life-threatening flooding,” and nearby West ...
Flood insurance for renters only covers the contents of their home. In the United States, FEMA has traditionally provided all flood insurance plans through the National Flood Insurance Program (NFIP).
The NFIP offers insurance to properties located within a flood-prone area, as defined by the Flood Insurance Rate Map (FIRM), which depicts various flood risks for a community. The FIRM typically focuses on the delineation of the 100-year flood inundation area, also known within the NFIP as the Special Flood Hazard Area.
A Special Flood Hazard Area (SFHA) is an area identified by the United States Federal Emergency Management Agency (FEMA) as an area with a special flood or mudflow, and/or flood related erosion hazard, as shown on a flood hazard boundary map or flood insurance rate map. [1]