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 ?
Homeowners are encouraged to contact their lenders and find out what their coverage is and whether they qualify for reduced rates or no longer need flood insurance, officials said.
There may be times when the new maps indicate that the flood risk has been reduced such that there is no longer a federal requirement to maintain flood insurance.
Centennial Bank of the West, without admitting to any allegations, consented to the issuance of the order in connection with its alleged violations of the Board's regulations implementing the National Flood Insurance Act.
Coastal areas are extremely difficult to insure for flood and providing greater flood insurance capacity in Florida is particularly significant because approximately one third of all U.
OKLAHOMA CITY -- BancInsure and the Minnesota Bankers Association (MBA) announced today they have partnered with The Flood Insurance Agency (TFIA) to deliver a comprehensive flood compliance program for MBA's 450 bank members.
The average National Flood Insurance Program flood claim between 2010 and 2014 was more than $42,000.
Federal bank regulators are proposing a rule aimed at encouraging flood insurance customers to buy private flood insurance.
What he found were miles of tangled debris where houses and businesses once stood and adjusters searching for water marks, stripped roofs, points on a surge map--anything to help them determine whether the damage was caused by wind or flood, a critical distinction because many people did not have flood insurance.
The Federal Reserve Board on January 14, 2003, informed state member banks of the reauthorization of the National Flood Insurance Program (NFIP) by the Congress, retroactive to December 31, 2002.
There's a flood, the borrower incurs flood damage and sues the bank because it did not require her to buy flood insurance.
Those homeowners-who pay an average $450 a year for subsidized flood insurance that, from an actuarial standpoint, is worth from $10,000 to $18,000 per year according to FEMA and rent the properties for an average of $20-30,000 a month during peak season-as well as the homebuilder and real estate lobbies encouraged D'Amato to block progress of the legislation for more than two years, despite major accommodations to their concerns.
NEW YORK -- While Hurricane Sandy has created a new recognition of the need for flood insurance, even in areas where the risk might seem minimal, many homeowners and businesses are unaware that flood insurance is not part of the basic insurance policy.