Flood insurance

Flood Insurance - HUD Exchange

Introduction The Flood Disaster Protection Act of 1973 (42 U.S.C. 4012a) requires that projects receiving federal assistance and located in an area identified by the Federal Emergency Management Agency (FEMA) as being within a Special Flood Hazard Areas (SFHA) be covered by flood insurance under the National Flood Insurance Program (NFIP). In order to be able to purchase flood insurance, the community must be participating in the NFIP. If the community is not participating in the NFIP, federal assistance cannot be used in those areas. HUD Guidance Does this project involve mortgage insurance, refinance, acquisition, repairs, rehabilitation, or construction of a structure, mobile home, or...

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4 Community-Based Flood Insurance: Issues and Considerations, A Community-Based Flood Insurance Option, The National Academies Press

Community-Based Flood Insurance: Issues and Considerations This report identified and described some of the major problems facing the National Flood Insurance Program (NFIP). These problems include the pricing of flood insurance premiums, takeup rates, efforts to support floodplain management, and socioeconomic factors. In theory at least, a community-based flood insurance (CBFI) option may have the potential to help solve some of these problems. For example, if a community purchased insurance for all dwellings within it, then the takeup problem would be solved. Concerns exist about flood insurance purchases by individuals. For example, community members, perhaps motivated by altruistic...

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National Flood Insurance Is Underwater Because of Outdated Science - Scientific American

The aftermath of two back-to-back nor'easters In Massachusetts. Credit: Getty Images Editor’s Note: On July 31, the Senate approved a bill temporarily reauthorizing the National Flood Insurance Program until November 30, 2018. The National Flood Insurance Program, which covers some 5.2 million property holders in the U.S., was slated to get a badly needed overhaul today. The Senate’s task—which includes hammering out reforms that address the changing math of flood risk—has already been pushed back three times since November. Yet lawmakers still have not compromised on how to fix a broken system, so a reauthorization of the NFIP will almost certainly be punted again...

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Background on: Flood insurance, III

Background on: Flood insurance The topic Flooding is the most common and costly natural disaster in the United States, causing billions in economic losses each year. Most U.S. natural disasters declared by the president involve flooding. There is no coverage for flooding in standard homeowners or renters policies or in most commercial property insurance policies. Coverage is available in a separate policy from the National Flood Insurance Program (NFIP) and from a few private insurers. Despite efforts to publicize this, many people exposed to the risk of floods still fail to purchase flood insurance. The widespread flooding associated with Hurricane Katrina in 2005, the Mississippi floods...

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