flood insurance


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flood insurance

The popular name for the National Flood Insurance Program (www.floodsmart.gov) administered by the Mitigation Division of the Federal Emergency Management Agency.Flood insurance is intended as an alternative to disaster assistance,by providing better assistance at cheaper net costs to the government. Policies are available in three forms: dwelling (most homes), general property (apartments and businesses), and residential condominium association. They cover structural damage; furnaces, water heaters, and air conditioners; flood debris cleanup;and floor surfaces such as carpeting and tile.

References in periodicals archive ?
Residents of Stafford County, Virginia have received a reduction in their flood insurance premiums through increase of various floodplain management measures encouraged by the National Flood Insurance Program (NFIP).
Choosing flood insurance used to be a relatively simple decision.
Pete Sessions, R-Dallas, told reporters Tuesday when asked to forecast how the Congress will tackle a whole host of fiscal issues this month, including how to address flood insurance in Houston.
After seeing such broad support in the House, it seemed only a matter of time before the Flood Insurance Market Parity and Modernization Act would pass the Senate and become law.
House of Representatives is expected to receive legislation that would allow states to remove restrictions to private flood insurance coverage and provide consumers with an alternative to the National Flood Insurance Program.
These significant losses translate to a significant volume of flood insurance claims.
Researchers have opined that London could see more floods in the future, putting severe pressure on flood insurance schemes.
However, experience from past hurricane disasters forget to mention the importance of flood insurance and how it is separate from property insurance policies.
The rising cost of flood insurance is putting a financial strain on local residents, and many others across the nation, who have suddenly found their property in a flood zone following a federal revision of flood insurance maps.
In a rare bipartisan move, the Biggert-Waters Flood Insurance Reform Act was passed in 2012, hailed as necessary to save the National Flood Insurance Program (NFIP).
Bloomberg, Deputy Mayor for Operations Cas Holloway and the RAND Corporation released a study finding gapsin the National Flood Insurance Program that will increase flood insurance costs for New York City residents.
Federal banking regulators, including the NCUA, are proposing a rule aimed at encouraging flood insurance customers to buy private flood insurance.