When was the National Flood Insurance Act created?
1968
When did Congress first amend the NFIA and what was the name of the Act?
1973 to create the Flood Disaster Protection Act
What did the Flood Disaster Protection Act do?
Made flood insurance mandatory for properties located in Special Flood Hazard Areas (high risk/SFHA) with a
federally backed loan.
What is the purpose of the National Flood Insurance Program?
To provide an insurance alternative to disaster assistance and to mitigate escalating costs of repairing damage
to buildings and their contents caused by floods.
,Who administers the NFIP?
Federal Insurance Mitigation Association (FIMA) which is a component of FEMA. FEMA is a component of
Homeland Security.
Homeland Security → FEMA → FIMA → NFIP
What is the Write Your Own Program and when was it established?
Established in 1983. It is a combined effort between the federal government and private insurance carriers
(companies).
What are the responsibilities of the federal government under the Write Your Own Program?
Federal govt → takes on the financial burden and backs the floodplain policies through the NFIP
What are the responsibilities of private insurance companies under the Write Your Own Program?
-Private insurance companies → the NFIP allows Private Insurance companies to sell insurance nationwide. The
Private Insurance companies must agree to follow the rules the NFIP establishes.
,What is repetitive loss?
A Repetitive Loss (RL) property is any insurable building for which two or more claims of more than $1,000
were paid by the National Flood Insurance Program (NFIP) within any rolling ten-year period, since 1978. A RL
property may or may not be currently insured by the NFIP.
What is Increased Cost of Compliance (ICC) coverage?
Increased Cost of Compliance (ICC) coverage is one of several resources for flood insurance policyholders
who need additional help rebuilding after a flood.
How much money can someone receive from ICC coverage?
It provides up to $30,000 to help cover the cost of mitigation measures that will reduce flood risk.
What is the Coastal Barriers Resources Act and what year was it developed?
Developed in 1982 this legislation protects sensitive coastal resources and prohibits any development that
would involve federal assistance.
, What did the Flood Insurance Reform Act of 1994 do?
-Codified community rating system (CRS)
-Established 30-day waiting period
-Increased maximum coverage availability
-Established mitigation grant program
-5 year map review period
-Strengthened Mandatory Purchase Requirement
What did the Flood Insurance Reform Act of 2004 do?
-Digital flood hazard data
-Created mitigation assistance for repetitive losses
-Agent education
-Established severe repetitive loss program
When was the Biggert-Waters Flood Insurance Reform Act established?
2012
1968
When did Congress first amend the NFIA and what was the name of the Act?
1973 to create the Flood Disaster Protection Act
What did the Flood Disaster Protection Act do?
Made flood insurance mandatory for properties located in Special Flood Hazard Areas (high risk/SFHA) with a
federally backed loan.
What is the purpose of the National Flood Insurance Program?
To provide an insurance alternative to disaster assistance and to mitigate escalating costs of repairing damage
to buildings and their contents caused by floods.
,Who administers the NFIP?
Federal Insurance Mitigation Association (FIMA) which is a component of FEMA. FEMA is a component of
Homeland Security.
Homeland Security → FEMA → FIMA → NFIP
What is the Write Your Own Program and when was it established?
Established in 1983. It is a combined effort between the federal government and private insurance carriers
(companies).
What are the responsibilities of the federal government under the Write Your Own Program?
Federal govt → takes on the financial burden and backs the floodplain policies through the NFIP
What are the responsibilities of private insurance companies under the Write Your Own Program?
-Private insurance companies → the NFIP allows Private Insurance companies to sell insurance nationwide. The
Private Insurance companies must agree to follow the rules the NFIP establishes.
,What is repetitive loss?
A Repetitive Loss (RL) property is any insurable building for which two or more claims of more than $1,000
were paid by the National Flood Insurance Program (NFIP) within any rolling ten-year period, since 1978. A RL
property may or may not be currently insured by the NFIP.
What is Increased Cost of Compliance (ICC) coverage?
Increased Cost of Compliance (ICC) coverage is one of several resources for flood insurance policyholders
who need additional help rebuilding after a flood.
How much money can someone receive from ICC coverage?
It provides up to $30,000 to help cover the cost of mitigation measures that will reduce flood risk.
What is the Coastal Barriers Resources Act and what year was it developed?
Developed in 1982 this legislation protects sensitive coastal resources and prohibits any development that
would involve federal assistance.
, What did the Flood Insurance Reform Act of 1994 do?
-Codified community rating system (CRS)
-Established 30-day waiting period
-Increased maximum coverage availability
-Established mitigation grant program
-5 year map review period
-Strengthened Mandatory Purchase Requirement
What did the Flood Insurance Reform Act of 2004 do?
-Digital flood hazard data
-Created mitigation assistance for repetitive losses
-Agent education
-Established severe repetitive loss program
When was the Biggert-Waters Flood Insurance Reform Act established?
2012
