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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.
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 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 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).
Kay Bowker of Lumberton, N.J., thought she was one of the lucky ones. In July 2004, when a freak flood struck hundreds of near by homes and businesses, her house, on higher ground, went untouched.
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 ...
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