What does community participation in the NFIP mean and how does that affect a homeowner?
Community participation means that if the property is determined to be within the 100 year flood zone, the home owner can get federally managed and federally backed flood insurance. Some communities may decide not to participate, which in turn does not allow them to purchase federally backed flood insurance. The nonparticipating communities are not eligible for grant, loans or disaster assistance. However, First Track Information Services (FTIS) is still required to inspect Flood Insurance Rate Maps (FIRM) to determine flood hazard risks and to provide notice of such risks.
Related Questions
- What does community participation in the National Flood Insurance Program (NFIP) mean, and how does that affect a homeowner?
- What does community participation in the National Flood Insurance Program mean and how does that affect a homeowner?
- What does community participation in the NFIP mean and how does that affect a homeowner?
