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Flood Risk often Is Under-Insured.
Washington -- The Federal Emergency Management Agency is reminding homeowners that standard homeowners insurance policies do not cover losses from flood damage.
Noting that only residents in communities that participate in the National Flood Insurance Program are eligible, FEMA said it can be difficult for people living in communities that do not participate to obtain flood coverage, since they cannot buy government-backed insurance from the NFIP.
Participation in the NFIP requires consumers to adopt and enforce floodplain management ordinances to reduce future losses from flooding. Currently, some 5.4 million federal flood insurance policies are in effect in 20,300 communities nationwide that meet the participation requirements.
Flooding is the nation's largest natural disaster. In the 10-year period from 1996 to 2005, annual flood losses in the U.S. averaged $2.4 billion per year, according to FEMA.
To join the NFIP, a community must complete an application, adopt a resolution of ...
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...lost, which has the NFIP asking why so many flood insurance policies are not being...article in FEMA's flood insurance newsletter that the NFIP's own mortgage portfolio...purchase the standard flood insurance coverage through their...
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...lost. Which has the NFIP asking: why are so many flood insurance policies not being...mortgage servicers. The NFIP, in a recent article...private-carrier flood insurance on non-compliant...be eating into the NFIP's business. The...
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- PIA Lauds Congressional Passage of Flood Insurance Bill; Multi Year...
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...the National Flood Insurance Program (NFIP) and thanked...reauthorization of the NFIP. The bill also...percent of the flood insurance sold in the...final version of NFIP reauthorization...years, the flood insurance program had...
- FEMA Pact to Bring Monroe County Back to NFIP.(Federal Emergency Management...
- Magazine article from: Origination News Venetis, Kyriaki July 1, 2002 700+ words
...with the National Flood Insurance Program. The county...violation of the NFIP and are subject...violations of the NFIP. Federal law requires...situation. "If flood insurance is cancelled...necessary." The NFIP in unincorporated...County has 28,799 flood insurance ...
- NFIP Reform Raises Costs.(National Flood Insurance Program)
- Magazine article from: Origination News April 1, 2006 700+ words
...bankrupted the National Flood Insurance Program and lawmakers...actuarially sound. "The flood insurance program's need...bill increases NFIP's borrowing authority...revenue for the NFIP. During recent...homeowners have flood insurance in disaster areas...
Source: HighBeam Research, Flood Risk often Is Under-Insured.