About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

1 1 (January 2, 2025)

handle is hein.crs/goverxa0001 and id is 1 raw text is: A Brief Introduction to the National Flood Insurance Program in the 118th Congress Updated January 2, 2025 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 over 22,000 communities in 56 states and jurisdictions participating. As of December 9, 2024, the NFIP had $3.441 billion available to pay claims. 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 Congressional Research Service https://crsreports.congress.gov IN11049 CRS INSIGHT Prepared for Members and Committees of Congress

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Already a HeinOnline Subscriber?

Log In

profiles profiles most