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National Flood Insurance

The top occurring natural disaster according to the Federal Emergency Management Agency (FEMA) is flooding. The flood insurance professionals at National Flood Insurance, LLC, specialize in providing flood insurance policies to many residents and business owners of the United States.

National Flood Insurance’s aim is to educate United States residents and business owners about the basics of flood insurance and to address many of the standing misconceptions. These misconceptions include:

Flood damage is covered by homeowners insurance policies

Unfortunately, flood insurance is by and large not covered under homeowners insurance policies. This fact will typically be noted on the first page of a homeowners insurance policy.

Flood insurance coverage is too expensive to obtain Flood insurance coverage is generally preferable in terms of cost to the expense of having to repair flood damage with personal funds. In fact, homes and businesses in FEMA-determined Preferred Risk Zones can obtain coverage for as little as $129 per year.

Homes and businesses located in an area with no local water source are not prone to flooding

A nearby water source is not a good indicator for a predisposition of flooding. The simple truth is that wherever rain or snow falls, flooding can happen. All areas in the United States have been designated as flood zones. The only difference is in the level of risk.

National Flood Insurance, LLC, employs flood insurance specialists who are up-to-date about National Flood Insurance Program (NFIP) legislation and who are knowledgeable about flood insurance. National Flood Insurance, LLC, directly represents FEMA and all flood insurance policies are administered through the NFIP.

Please call 1-888-900-0404 to speak with a flood insurance specialist about the availability of flood insurance coverage in your state. Initial consultations are complimentary and include a flood zone determination, a flood insurance quote, and answers to questions you may have. Safeguarding your valuable material assets is important, so please don’t delay!

What is the history of the NFIP?

Increased concerns about preparing for flood events and the growing cost of flood insurance prompted Congress to pass the National Flood Insurance Act in 1968, which allowed for the creation of the National Flood Insurance Program (NFIP). The purpose of the NFIP was to subsidize the cost of flood insurance so that it was more affordable for United States’ residents as well as to implement tougher construction standards to help reduce flood-event damage. Initially, the overseeing authority was the Department of Housing and Urban Development (HUD).

In early 1972, very few flood insurance policies were in effect in the United States with less than 100,000 policies nationwide. Midway through the year, Hurricane Agnes changed that when she roared ashore and devastated a large swath of the eastern United States which resulted in an estimated $4 billion in damages. This led congress to conduct an investigation during which it was realized that very few buildings carried flood insurance, and thus the Flood Disaster Protection Act was passed in 1973, amending 1968’s National Flood Insurance Act.

What the 1973 Flood Disaster Protection Act did was require flood insurance coverage for buildings in recognized flood hazard zones in order to receive federal aid or FDIC-insured loans as part of federal disaster recover assistance. By the end of the 1970s, close to 2 million flood policies were in effect nationwide.

Today, FEMA, under the Department of Homeland Security, oversees the NFIP.

5.6 Million Flood Insurance Policies

Thirty years later, there were nearly 5.6 million flood insurance policies in effect in the United States. The NFIP has seen significant changes in that time, as well. In the 1990s, a Community Rating System was devised to increase the amounts of flood insurance coverage and a grant program for plans and projects that mitigated flood damage was established.

Flood insurance is now available in over 20,000 U.S. communities and territories. Additionally, more than 100 private insurance companies offer federally-backed flood insurance policies all over the country. And even though federal assistance is still crucial to disaster recovery, the U.S. taxpayers are saved millions of dollars a year by the NFIP.

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