Flood Insurance
About NFIP and Flood InsuranceNFIP stands for National Flood Insurance Program (NFIP). In the United States more than 20,000 communities participate in the NFIP. Since they are part of this program, they have to follow the floodplain management rules as required by the program to reduce the damage caused by floods. In return for their enrolment into the program, the NFIP offers federally backed flood insurance to all those in the community - including homeowners, renters, and business people. Communities that get into the NFIP benefit not only from flood insurance, they also gain by a reduction in flood damage that is experienced normally in the event of floods. This is because the NFIP lays down rules for building construction, and buildings following these guidelines incur only 20 percent damage from floods, unlike constructions that do not comply with these regulations. This in turn helps the government because every $3 paid in flood insurance claims saves $1 in disaster assistance payments. Another important task performed by the NFIP is identifying and mapping floodplain areas in the United States. In doing so they increase the awareness on flood hazard increases. Also, the data required for floodplain management programs are collected from this. This information is also used to rate the value of new constructions for flood insurance. Summary NFIP has ensured to not just provide flood insurance to communities that participate in the program; it has also helped to reduce the cost of flood damage by laying down better building construction rules. Buildings constructed according to these rules can better resist the damage caused by floods. This way less money and efforts are required to repair them.
|
|||
Flood Insurance Learning centreUnderstanding Flood InsuranceFind out what flood insurance is? About NFIP and Flood Insurance Read about the National Flood Insurance Program About Preferred Risk Flood Insurance PolicyRead on about the preferred risk insurance policy Certain myths on flood insuranceSome of the myths regarding the flood insurance policy Do you really need flood insurance?Why flood insurance is really needed? Find out if the home you want to buy has a flood claim?Read on about the C.L.U.E report and 100yr-old flood plain How to obtain flood insurance?Procedure involved in obtaining flood insurance Is Flood Insurance Costly?You would be surprised as it does come cheap. Tips on what to ask your insurance agent about flood insuranceEssential topics to ask insurance agent about the flood insurance Top reasons for getting flood InsuranceWhy, flood insurance is really needed? |
