Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is National Flood Insurance Program (NFIP)?

April 26, 2017flood Insurance National NFIP program

0

Posted

What is National Flood Insurance Program (NFIP)?

1 Answer

0

Posted

The U.S. Congress established the National Flood Insurance Program (NFIP) in 1968 to enable property owners in participating communities to purchase insurance as a protection against flood losses in exchange for state and community floodplain management regulations that reduce future flood damages. If a community adopts and enforces a floodplain management ordinance to reduce future flood risks to new construction in floodplain, the federal government will make flood insurance available within the community as a financial protection against flood losses at a guaranteed rate dependent on your level of risk. This insurance is designed to provide an insurance alternative to disaster assistance.