National Flood Insurance Program

When it comes to flood insurance, you need to do your research. Like everything in life, not having all the specifics can cost you your life’s savings. Owners of both homes and businesses need to learn the specifics, so you invest in the right type of flood insurance and you don’t get a run for your money.

In 1968, congress created the National Flood Insurance Program (NFIP). The government created this program due to the increasing amount of damage caused by floods. The Federal Emergency Management Agency (FEMA) manages the NFIP and oversees the floodplain management and mapping components of the program. Within participating communities, FEMA is responsible for determining the degree to which flooding might endanger any area of land. Read the rest of this entry »

If you are a homeowner and don’t have flood insurance, you may want to start thinking about purchasing a policy as soon as you can. Floods are an inevitable part of Mother Nature’s cycle, and every U.S. state has experienced some kind of flooding throughout history. There is nothing we can do to stop flood events in the future, but protecting your home or business with flood insurance coverage will help you get back on your feet once the crisis is over. Many communities throughout the United States have experienced or will experience some kind of flooding event. Whether it is heavy rain or melting snow, the moving force of water is too much to be taken lightly. In fact, it only takes about six inches of rapidly moving water to knock people off their feet!  Cars and other vehicles can be swept away in only about two feet of moving water. Just think what this kind of force could do your home or business! Having flood insurance may be the only thing that protects your property. Read the rest of this entry »

An ocean view may be a priority in purchasing your next home, but you’re probably also buying in a high-risk flooding zone, which means a pricey rate for flood insurance. There may be a way, however, to reduce the price tag.

Before you start celebrating, take a look at how the rates for flood insurance are developed. The price of flood insurance is based on the Flood Rate Maps developed by the Federal Emergency Management Agency (FEMA). The National Flood Insurance Program (NFIP), which federally backs flood insurance, then uses these maps to assign the type of risk (low, moderate, or high) to your community. For example, a home in a coastal area probably has a high risk. A similar house in an arid section of the country has a low risk. Read the rest of this entry »