Answers to Questions About the National Flood Insurance Program
Intended to acquaint the public with the National Flood Insurance Program (NFIP). It is designed for readers who do not need a detailed history or refined technical or legal explanations, but do need a basic understanding of the program & the answers to some frequently asked questions. Includes: introduction to the NFIP; flood insurance information for prospective buyers; coverage; filing a flood insurance claim; floodplain management requirements; flood hazard assessments & mapping requirements; NFIP address & phone directory; list of available publications; & address for obtaining CRS coordinator's manual.
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1-percent annual chance 100-year flood acronyms and initials actual cash value additional amount of insurance base flood elevations BFEs CBRS CLOMR community officials community's construction Department of Natural disaster assistance Emergency Management escrow Federal Insurance Administration Flood Hazard Area Flood Hazard Assessment flood insurance coverage Flood Insurance Policy Flood Insurance Program flood insurance purchase Flood Insurance Rate flood losses floodplain management ordinance floodplain management requirements Freddie Mac Hazard Area SFHA Hazard Identification insurance purchase requirements Insurance Rate Map lender lending institution Letter of Map loan LOMA LOMR LOMR-F Mandatory flood insurance Map Amendment National Flood Insurance Natural Resources NFIP Address NFIP map North Dakota participating communities Physical Map Revision policyholder premium Presidential disaster declaration probation property owners purchase flood insurance purchase of flood regulations regulatory floodway request single family dwelling South Carolina Special Flood Hazard Standard Flood Insurance structures substantially damaged substantially improved U.S. Congress Zone
Page 12 - ... the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Federal Home Loan Bank Board, the Federal Savings and Loan Insurance Corporation, or the National Credit Union Administration. (8) The term "National Institute of Building Sciences" means the institute established by section 809 of the Housing and Community Development Act of 1974.
Page 2 - Flooding" means a general and temporary condition of partial or complete inundation of normally dry land areas from the overflow of inland and/or tidal waters, and/or the unusual and rapid accumulation or runoff of surface waters from any source, or flooding from any other source.
Page 4 - Without community oversight of building activities in the floodplain, the best efforts of some to reduce flood losses could be undermined or nullified by the careless building of others. Unless the community as a whole is practicing adequate flood hazard mitigation, the potential for loss cannot be reduced sufficiently to affect disaster relief costs.
Page 40 - LOMA, it is the lending institution's prerogative to require flood insurance as a condition of its own beyond the provisions of the Flood Disaster Protection Act of 1973 and the National Flood Insurance Reform Act of 1994, before granting a loan or mortgage.
Page 17 - ... included within the boundaries of an area established under Federal, State, or local law, or held by a qualified organization as defined in section 170(h)(3) of the Internal Revenue Code of 1954 [26 USCS § 170(h)(3)], primarily for wildlife refuge, sanctuary, recreational, or natural resource conservation purposes.
Page 1 - 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.
Page 47 - REGION IV (Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee...
Page 3 - ... Federal Insurance Administration. FIA has elected to have state-licensed insurance companies' agents and brokers sell flood insurance to consumers. The insurance companies' agents and brokers are held accountable by their state regulators to provide NFIP customers with the same level of standards and service that the states require of them in selling their other lines of insurance. Private insurance companies participating in the Write Your Own program must be licensed and regulated by states...
Page 1 - Act was broadened and modified with the passage of the Flood Disaster Protection Act of 1973 and other legislative measures.
Page 4 - ... all levels of government. 7. What is the definition of a community? A "community," as defined for NFIP's purposes, is any state, area, or political subdivision; any Indian tribe, authorized tribal organization, or Alaska native village, or authorized native organization which has the authority to adopt and enforce floodplain management ordinances for the area under its jurisdiction. In most cases, a community is either an incorporated city, town, township, or village or an unincorporated area...