The Status Of The National Flood Insurance Program
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The Status Of The National Flood Insurance Program
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Author : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Consumer Credit and Insurance
language : en
Publisher:
Release Date : 1994
The Status Of The National Flood Insurance Program written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Consumer Credit and Insurance and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Business & Economics categories.
National Flood Insurance Program Community Status Book
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Author :
language : en
Publisher:
Release Date :
National Flood Insurance Program Community Status Book written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with Flood insurance categories.
National Flood Insurance Program Background Challenges And Financial Status
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Author :
language : en
Publisher: DIANE Publishing
Release Date :
National Flood Insurance Program Background Challenges And Financial Status written by and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
National Flood Insurance Program
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Author : Rawle O. King
language : en
Publisher:
Release Date : 2013-01-12
National Flood Insurance Program written by Rawle O. King and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-12 with categories.
The National Flood Insurance Program
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Author : Rawle O. King
language : en
Publisher: Createspace Independent Pub
Release Date : 2013-01-05
The National Flood Insurance Program written by Rawle O. King and has been published by Createspace Independent Pub this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-05 with Business & Economics categories.
On October 29, 2012, Hurricane Sandy struck the East Coast region, causing intense winds, high rainfall, waves, and storm surge, as well as economic disruptions in states throughout the Northeast and the mid-Atlantic region. Communities in New York, New Jersey, and Connecticut were particularly hard hit. The devastating floods exposed vulnerabilities in the region's public transportation and infrastructure and underscores the nation's growing exposure to coastal hazards. The full economic cost of Sandy will not be known for years, but current preliminary estimates of physical property damage, not including flood losses likely to be paid under the government's National Flood Insurance Program (NFIP), range from $30 billion to $55 billion, of which about $16 billion to $22 billion will be privately insured losses. Sandy is expected to require substantial federal disaster recovery assistance, including tens of billions for flood and hurricane protection and coastal restoration. Given the geographic scope of heavily flooded areas and residential take-up rates (number of flood policies divided by total number of households) in affected coastal communities that participate in the NFIP, government payouts under the NFIP are estimated to be from $12 billion to $15 billion in flood claims. This amount exceeds the $4 billion in cash and remaining borrowing authority from the Treasury Department. The Obama Administration has announced it will ask Congress to raise the NFIP borrowing authority to $25 billion, or $4.025 billion over its current borrowing authority. But some experts have suggested a $30 billion borrowing cap would be needed to cover even higher projected losses. Emergency supplemental spending on disaster assistance comes at a time when Congress is considering spending cuts and tax increases to address the nation's fiscal debt. In the wake of disaster clean-up and recovery along much of the East Coast region, policymakers, local officials, and other stakeholder groups have expressed a range of flood management concerns facing the NFIP. These include (1) escalating spending on federal emergency supplemental appropriations for disaster relief assistance; (2) uncertainty surrounding the NFIP's ability to reduce the nation's growing exposure to flood losses; (3) rising population growth and economic development in coastal watershed counties or floodplains areas exposed to hurricane induced coastal floods; (4) persistently low insurance participation (take-up rates) in the NFIP; and (5) financing the cost of rebuilding communities stronger, more resilient. On July 6, 2012, President Obama signed into law the Biggert-Waters Flood Insurance Reform Act of 2012, P.L. 112-141, that reauthorized the NFIP through September 30, 2017, and made a number of reforms to strengthen the future financial solvency and administrative efficiency of the program by raising historically low premiums and reducing homeowners' incentives for rebuilding in flood risk zones. However, several post-reform issues of contention remain for congressional consideration: revisions in the analysis and mapping of non-accredited levees; actuarial soundness, program solvency, and affordability; debt forgiveness; an integrated watershed flood risk assessment framework; and expansion of the private-sector role in flood risk. This publication provides an analysis of flood risk management, summarizes major challenges facing the NFIP, and outlines key reforms in the recently enacted Biggert-Waters Flood Insurance Reform Act of 2012. The publication also identifies and presents some key remaining flood management issues for congressional considerations, and it concludes with a discussion of relevant policy options for the future financial management of flood hazards in the United States.
Levees And The National Flood Insurance Program
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Author : National Research Council
language : en
Publisher: National Academies Press
Release Date : 2013-07-18
Levees And The National Flood Insurance Program written by National Research Council and has been published by National Academies Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07-18 with Science categories.
The Federal Emergency Management Agency's (FEMA) Federal Insurance and Mitigation Administration (FIMA) manages the National Flood Insurance Program (NFIP), which is a cornerstone in the U.S. strategy to assist communities to prepare for, mitigate against, and recover from flood disasters. The NFIP was established by Congress with passage of the National Flood Insurance Act in 1968, to help reduce future flood damages through NFIP community floodplain regulation that would control development in flood hazard areas, provide insurance for a premium to property owners, and reduce federal expenditures for disaster assistance. The flood insurance is available only to owners of insurable property located in communities that participate in the NFIP. Currently, the program has 5,555,915 million policies in 21,881 communities3 across the United States. The NFIP defines the one percent annual chance flood (100-year or base flood) floodplain as a Special Flood Hazard Area (SFHA). The SFHA is delineated on FEMA's Flood Insurance Rate Maps (FIRM's) using topographic, meteorologic, hydrologic, and hydraulic information. Property owners with a federally back mortgage within the SFHAs are required to purchase and retain flood insurance, called the mandatory flood insurance purchase requirement (MPR). Levees and floodwalls, hereafter referred to as levees, have been part of flood management in the United States since the late 1700's because they are relatively easy to build and a reasonable infrastructure investment. A levee is a man-made structure, usually an earthen embankment, designed and constructed in accordance with sound engineering practices to contain, control, or divert the flow of water so as to provide protection from temporary flooding. A levee system is a flood protection system which consists of a levee, or levees, and associated structures, such as closure and drainage devices, which are constructed and operated in accordance with sound engineering practices. Recognizing the need for improving the NFIP's treatment of levees, FEMA officials approached the National Research Council's (NRC) Water Science and Technology Board (WSTB) and requested this study. The NRC responded by forming the ad hoc Committee on Levee and the National Flood Insurance Program: Improving Policies and Practices, charged to examine current FEMA treatment of levees within the NFIP and provide advice on how those levee-elated policies and activities could be improved. The study addressed four broad areas, risk analysis, flood insurance, risk reduction, and risk communication, regarding how levees are considered in the NFIP. Specific issues within these areas include current risk analysis and mapping procedures behind accredited and non-accredited levees, flood insurance pricing and the mandatory flood insurance purchase requirement, mitigation options to reduce risk for communities with levees, flood risk communication efforts, and the concept of shared responsibility. The principal conclusions and recommendations are highlighted in this report.
Federal Emergency Management Agency
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Author : William O. Jenkins, Jr.
language : en
Publisher: DIANE Publishing
Release Date : 2006-03
Federal Emergency Management Agency written by William O. Jenkins, Jr. and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-03 with Political Science categories.
In the wake of Hurricane Isabel in 2003, this is a report on issues related to the Nat. Flood Insurance Program (NFIP) & its oversight & mgmt. by the Fed. Emergency Mgmt. Agency (FEMA). Private insurance companies sell NFIP policies & adjust claims, while a private program contractor helps FEMA administer the NFIP. This report assesses: (1) the statutory & regulator limitations on coverage for homeowners under the NFIP; (2) FEMA's role in monitoring & overseeing the NFIP; (3) FEMA's response to concerns regarding NFIP payments for Hurricane Isabel claims; & (4) the status of FEMA's implementation of provisions of the Flood Insur. Reform Act of 2004. Impacts from Hurricane Katrina were not part of the report's scope. Tables.
Answers To Questions About The National Flood Insurance Program
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Author : Charles D. Fletcher
language : en
Publisher: DIANE Publishing
Release Date : 1999-03
Answers To Questions About The National Flood Insurance Program written by Charles D. Fletcher and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-03 with categories.
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.
National Flood Insurance Program
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Author : United States. Department of Housing and Urban Development
language : en
Publisher:
Release Date : 1974
National Flood Insurance Program written by United States. Department of Housing and Urban Development and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1974 with Flood insurance categories.
Flood Insurance Manual
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Author : U. s. Department of Homeland Security
language : en
Publisher: CreateSpace
Release Date : 2013-09
Flood Insurance Manual written by U. s. Department of Homeland Security and has been published by CreateSpace this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-09 with Social Science categories.
The National Flood Insurance Program (NFIP) was established by the National Flood Insurance Act of 1968. The Act was in response to Congress finding that: • Flooding disasters required unforeseen disaster relief and placed an increased burden on the nation's resources. • The installation of flood preventive and protective measures and other public programs designed to reduce losses caused by flood damage had not been sufficient to adequately protect against the growing exposure to flood losses as a matter of national policy. A reasonable method of slowing the risk of flood losses would be through a program of flood insurance that could complement and encourage preventive and protective measures. • Many factors made it uneconomical for private insurance industry carriers to make flood insurance available to those in need of such protection on reasonable terms and conditions. • A program of flood insurance with large-scale participation of the Federal Government and the maximum extent practicable by the private industry was feasible and could be initiated. Congress stated that the purpose in passing the Act was to: • Authorize a flood insurance program that, over time, could be made available across the country through the cooperative effort of the Federal Government and the private insurance industry. • Provide flexibility in the program so that such flood insurance would be based on workable methods of pooling risks, minimizing costs, and distributing burdens equitably among the general public and those who would be protected by flood insurance. • Encourage state and local governments to use wisely the lands under their jurisdiction by considering the hazards of flood when rendering decisions on the future use of such land in order to minimize damage. From 1968 until 1979, the NFIP was administered by the U.S. Department of Housing and Urban Development. When the Federal Emergency Management Agency (FEMA) was established in 1979, administration of the NFIP was transferred to that agency. In March 2003, FEMA became part of the newly created U.S. Department of Homeland Security. The NFIP is a program in which communities formally agree, as evidenced by their adoption of codes and ordinances, to regulate the use of their floodprone lands. In return, FEMA makes flood insurance coverage available on buildings and their contents throughout the community. FEMA has traditionally identified these flood hazard areas on maps that are provided to communities for carrying out their responsibilities. The maps are also used by insurance agents/ producers to determine rates and by lenders to determine purchase requirements.