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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 term is used mainly in the United States but similar maps exist in many other countries ...
National Flood Insurance Program. 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 ...
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.
In areas FEMA deems highest risk — known as the 100-year flood zone — flood insurance is required on government-backed mortgages and many banks also require it for mortgages in high-risk areas.
According to the Insurance Information Institute, an industry trade group, Florida, Louisiana and Texas account for 40% of all flood insurance policies nationwide.
The Hurricane Sandy relief bill (Pub. L. 113–1 (text) (PDF), H.R. 41, 127 Stat. 3, enacted January 6, 2013) is a law enacted by the 113th United States Congress, [1] in the aftermath of Hurricane Sandy. The Act amended the National Flood Insurance Act of 1968 to increase from $20.725 billion to $30.425 billion the total amount of notes and ...
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The Homeowner Flood Insurance Affordability Act of 2014 (S. 1926) was a United States Congress bill that would have delayed the increases in flood insurance premiums that were part of the Biggert–Waters Flood Insurance Reform Act of 2012. [1][2] The reforms from that law were meant to require flood insurance premiums to actually reflect the ...