Author: Alan C. WeinsteinPublisher:
ISBN:
Category :
Languages : en
Pages : 6
Book Description
Revisiting the National Flood Insurance Program
Author: Alan C. WeinsteinThe National Flood Insurance Program Revisited
Author: Frank Edward MaloneyPublisher:
ISBN:
Category : Flood damage prevention
Languages : en
Pages : 52
Book Description
Top 10 Facts Every Consumer Needs to Know about the National Flood Insurance Program
Author: National Flood Insurance Program (U.S.)Publisher:
ISBN:
Category : Electronic government information
Languages : en
Pages : 2
Book Description
National Flood Insurance Program, Summary of Coverage
Author: National Flood Insurance Program (U.S.)Publisher:
ISBN:
Category : Flood insurance
Languages : en
Pages : 4
Book Description
Affordability of National Flood Insurance Program Premiums
Author: National Research CouncilPublisher: National Academies Press
ISBN: 0309371287
Category : Science
Languages : en
Pages : 232
Book Description
The National Flood Insurance Program (NFIP) is housed within the Federal Emergency Management Agency (FEMA) and offers insurance policies that are marketed and sold through private insurers, but with the risks borne by the U.S. federal government. NFIP's primary goals are to ensure affordable insurance premiums, secure widespread community participation in the program, and earn premium and fee income that covers claims paid and program expenses over time. In July 2012, the U.S. Congress passed the Biggert-Waters Flood Insurance Reform and Modernization Act (Biggert-Waters 2012), designed to move toward an insurance program with NFIP risk-based premiums that better reflected expected losses from floods at insured properties. This eliminated policies priced at what the NFIP called "pre-FIRM subsidized" and "grandfathered." As Biggert-Waters 2012 went into effect, constituents from multiple communities expressed concerns about the elimination of lower rate classes, arguing that it created a financial burden on policy holders. In response to these concerns Congress passed The Homeowner Flood Insurance Affordability Act of 2014 (HFIAA 2014). The 2014 legislation changed the process by which pre-FIRM subsidized premiums for primary residences would be removed and reinstated grandfathering. As part of that legislation, FEMA must report back to Congress with a draft affordability framework. Affordability of National Flood Insurance Program Premiums: Report 1 is the first part of a two-part study to provide input as FEMA prepares their draft affordability framework. This report discusses the underlying definitions and methods for an affordability framework and the affordability concept and applications. Affordability of National Flood Insurance Program Premiums gives an overview of the demand for insurance and the history of the NFIP premium setting. The report then describes alternatives for determining when the premium increases resulting from Biggert-Waters 2012 would make flood insurance unaffordable.
Affordability of National Flood Insurance Program Premiums
Author: National Academies of Sciences, Engineering, and MedicinePublisher: National Academies Press
ISBN: 0309380804
Category : Science
Languages : en
Pages : 151
Book Description
When Congress authorized the National Flood Insurance Program (NFIP) in 1968, it intended for the program to encourage community initiatives in flood risk management, charge insurance premiums consistent with actuarial pricing principles, and encourage the purchase of flood insurance by owners of flood prone properties, in part, by offering affordable premiums. The NFIP has been reauthorized many times since 1968, most recently with the Biggert-Waters Flood Insurance Reform Act of 2012 (BW 2012). In this most recent reauthorization, Congress placed a particular emphasis on setting flood insurance premiums following actuarial pricing principles, which was motivated by a desire to ensure future revenues were adequate to pay claims and administrative expenses. BW 2012 was designed to move the NFIP towards risk-based premiums for all flood insurance policies. The result was to be increased premiums for some policyholders that had been paying less than NFIP risk-based premiums and to possibly increase premiums for all policyholders. Recognition of this possibility and concern for the affordability of flood insurance is reflected in sections of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA 2014). These sections called on FEMA to propose a draft affordability framework for the NFIP after completing an analysis of the efforts of possible programs for offering "means-tested assistance" to policyholders for whom higher rates may not be affordable. BW 2012 and HFIAA 2014 mandated that FEMA conduct a study, in cooperation with the National Academies of Sciences, Engineering, and Medicine, which would compare the costs of a program of risk-based rates and means-tested assistance to the current system of subsidized flood insurance rates and federally funded disaster relief for people without coverage. Production of two reports was agreed upon to fulfill this mandate. This second report proposes alternative approaches for a national evaluation of affordability program policy options and includes lessons for the design of a national study from a proof-of-concept pilot study.
National Flood Insurance Program ...
Author: United States. Department of Housing and Urban DevelopmentPublisher:
ISBN:
Category : Flood insurance
Languages : en
Pages : 52
Book Description
Building on Success
Author: The National Flood Insurance Program :.
Author: The National Flood Insurance Program
Author: Zachary O'loghlenPublisher:
ISBN: 9781536169638
Category :
Languages : en
Pages :
Book Description
The National Flood Insurance Program (NFIP) was established by the National Flood Insurance Act of 1968 and was most recently reauthorized to May 31, 2019, through a series of short-term reauthorizations. The general purpose of the NFIP is both to offer primary flood insurance to properties with significant flood risk, and to reduce flood risk through the adoption of floodplain management standards. Communities volunteer to participate in the NFIP in order to have access to federal flood insurance, and in return are required to adopt minimum standards. This book discusses important issues relating to the National Flood Insurance Program.