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1 1 (August 15, 2024)

handle is hein.crs/goveqjr0001 and id is 1 raw text is: A Brief Introduction to the National Flood Insurance Program in the 118th Congress Updated August 15, 2024 Introduction The National Flood Insurance Program (NFIP) is authorized by the National Flood Insurance Act of 1968 (Title XIII of P.L. 90-448, as amended, 42 U.S.C. §§4001 et seq.) and is the primary source of flood insurance coverage for residential properties in the United States. The NFIP has more than 4.7 million flood insurance policies providing over $1.3 trillion in coverage, with 22,691 communities in 56 states and jurisdictions participating. The NFIP has two main policy goals: (1) to provide access to primary flood insurance, thereby allowing for the transfer of some of the financial risk from property owners to the federal government, and (2) to mitigate and reduce the nation's comprehensive flood risk through the development and implementation of floodplain management standards. A longer-term objective of the NFIP is to reduce federal expenditure on disaster assistance after floods. The NFIP engages in many noninsurance activities in the public interest: it identifies and maps flood hazards, disseminates flood-risk information through flood maps, requires community land-use and building-code standards, contributes to community resilience by providing a mechanism to fund rebuilding after a flood, and offers grants and incentive programs for household- and community-level investments in flood-risk reduction. The Federal Emergency Management Agency (FEMA) introduced a new pricing methodology in April 2022, known as Risk Rating 2.0, which represents the biggest change to the way the NFIP calculates premiums since the program began. Under the change, premiums for individual properties are based on their actual flood risk rather than flood zones. Structure of the NFIP The NFIP is managed by FEMA through its subcomponent, the Federal Insurance Directorate (formerly the Federal Insurance and Mitigation Administration). Communities are not legally required to participate in the NFIP; they participate voluntarily to obtain access to NFIP flood insurance, and are required to adopt land-use and control measures with effective enforcement provisions and to regulate development Congressional Research Service https://crsreports.congress.gov IN11049 CRS INSIGHT Prepared for Members and Committees of Congress

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