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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.
According to the Insurance Information Institute, an industry trade group, Florida, Louisiana and Texas account for 40% of all flood insurance policies nationwide. But it’s not just coastal ...
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 ...
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 ...
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 Biggert–Waters Flood Insurance Reform Act of 2012 was "designed to allow premiums to rise to reflect the true risk of living in high-flood areas." [5] The bill was supposed to deal with the increasing debt of the National Flood Insurance Program by requiring the premiums to reflect real flood risks. [6]
The Insurance Information Institute offers a slightly higher count, stating that about 6% of U.S. homeowners have flood insurance, with most, or 67%, covered through the National Flood Insurance ...
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