What is the National Flood Insurance Program (NFIP)?
In 1968, Congress created the National Flood Insurance Program (NFIP) in response to the rising cost of taxpayer funded disaster relief for flood victims and the increasing amount of damage caused by floods. Nearly 20,000 communities across the United States and its territories participate in the NFIP by adopting and enforcing floodplain management ordinances to reduce future flood damage. In exchange, the NFIP makes federally backed flood insurance available to homeowners, renters and business owners in these communities.
The NFIP is a federal program enabling property owners to purchase flood insurance. The federal government makes flood insurance available to communities that agree to enforce requirements that will reduce future flood losses to new construction within the special flood hazard area (100-year floodplain). The NFIP came about following many years and billions of dollars spent on constructing dams, levees, and sea walls to try to reduce flood losses, only to see flood losses continue to rise.
The NFIP is a federal program that enables property owners in participating communities to purchase insurance as protection against flood losses. This insurance was proposed as an insurance alternative in the event of major natural disasters, in order to be able to cover the increasing repair costs of structural and content flood damages.
The NFIP is a Federal program enabling property owners in participating communities to purchase insurance protection against losses from flooding. This insurance is designed to provide an insurance alternative to disaster assistance to meet the escalating costs of repairing damage to buildings and their contents caused by floods. Participation in the NFIP is based on an agreement between local communities and the Federal Government that states if a community will adopt and enforce a floodplain management ordinance to reduce future flood risks to new construction in Special Flood Hazard Areas, the Federal Government will make flood insurance available within the community as a finacial protection against flood losses.
Related Questions
- Can my community do anything to lower flood insurance premiums for coverage through the National Flood Insurance Program (NFIP)?
- Where can I find out information about regulatory floodplains and the National Flood Insurance Program (NFIP)?
- Who do I contact regarding the National Flood Insurance Program (NFIP)?
