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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.
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.
This includes policies that are higher risk than the average homeowners or business insurance policies. The National Flood Insurance Program (NFIP), for example, is one primary supplier of surplus ...
FEMA still uses Flood Insurance Rate Maps (FIRMs) for mandatory purchase requirements and floodplain management. These FIRMs still serve as a vital source of flood mapping data for communities.
The National Flood Insurance Act of 1968 is a federal law in the United States that was enacted as Title XIII of the Housing and Urban Development Act of 1968 and signed into law by President Lyndon B. Johnson that led to the creation of the National Flood Insurance Program (NFIP).
Conventional homeowners insurance offers little to no flood protection, and nationwide just 4% of households carry flood insurance. That gap in insurance coverage can leave homeowners with ...
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