NFIP

The National Flood Insurance Program (NFIP) is a federal program administered by the Federal Emergency Management Agency (FEMA) that issues flood insurance, creates Flood Insurance Rate Maps, and seeks to reduce flood hazards through flood mitigation.

Risk, FEMA Flood Zones, and Insurance Premiums

This article is written to aid property owners regarding their flood risk. Floodplain Managers, flood insurance professionals, surveyors, etc. may note that this information is high-level and not every variable is covered. Even so, it is hoped this information helps those not directly involved in the industry understand the basic terms and how they relate to flood risk and flood insurance rates.

The Latest NFIP Flood Insurance Manual-October 1, 2018

If you are like me, when the newly formatted NFIP Flood Insurance Manual came out on October 1st, you probably thought, “Well great! Now I have to start all over again learning this manual.”  I’ve been using the NFIP Flood Insurance Manual for over 16 years and have learned through long experience where to find certain flood insurance topics. I certainly didn’t relish having to re-learn where to find information. Despite the new format being more logical and following a transaction-by-transaction path through the lifecycle of a flood insurance policy, my first impulse was to cringe and curse.

When is Flood Insurance Required?

So you finally did it.  You saved up enough money to put a down payment on your first home, and pay closing costs.  You spent hours completing paperwork, and gathering documents for your mortgage lender.

5 Ways to Lower Your Flood Insurance Premium

Who doesn’t want to lower the cost of… everything?  Flood insurance is one of those things where consumers might feel a little helpless because most flood insurance is issued through the Federal Emergency Management Agency (FEMA) so the rates are what they are.  First, find a knowledgeable agent that really knows the National Flood Insurance Program.  Second, check out our list of the top 5 ways to lower your premiums.

 

#1 Get an Elevation Certificate

Where are the Flood Insurance Policies in the US?

Only 390 counties in the US hold about 90% of the National Flood Insurance Program (NFIP) flood insurance policies.

Click here to see a map

To put that in perspective, there are about 3,144 county and county equivalent areas in the US.  Therefore, about 12% of the counties hold about 90% of the flood insurance policies.  And there are about 169 million people living in those counties, which is 54% of the US population.