National Flood Insurance Program

URI: https://gptkb.org/entity/National_Flood_Insurance_Program
GPTKB entity
AI-created image of National Flood Insurance Program
AI-created image
Statements (54)
Predicate Object
gptkbp:instanceOf gptkb:government_agency
gptkbp:abbreviation gptkb:NFIP
gptkbp:administeredBy gptkb:Federal_Emergency_Management_Agency
gptkbp:availableOn gptkb:District_of_Columbia
gptkb:U.S._territories
all 50 states
gptkbp:claimsPaid over $70 billion since inception
gptkbp:claimsProcess filed through insurance agent or company
gptkbp:country gptkb:United_States
gptkbp:covers property development
commercial property
contents
gptkbp:criticizedFor encourages development in flood-prone areas
financial sustainability
outdated flood maps
gptkbp:debt owes billions to U.S. Treasury
gptkbp:eligibility communities participating in NFIP
gptkbp:established 1968
gptkbp:establishedBy gptkb:National_Flood_Insurance_Act_of_1968
gptkbp:exceptionToWaitingPeriod loan closing
map revision
gptkbp:excludes does not cover basement improvements
does not cover temporary housing costs
does not cover vehicles
gptkbp:fundedBy gptkb:government
policyholder premiums
https://www.w3.org/2000/01/rdf-schema#label National Flood Insurance Program
gptkbp:maximumSpeed $100,000 for contents
$250,000 for residential buildings
$500,000 for non-residential buildings
gptkbp:parentOrganization gptkb:U.S._Department_of_Homeland_Security
gptkbp:policyholders over 5 million
gptkbp:premiumDeterminedBy flood risk
place
building characteristics
coverage amount
deductible
gptkbp:purpose provide flood insurance to property owners
reduce the impact of flooding
gptkbp:reformed gptkb:Risk_Rating_2.0
2021
gptkbp:reformPurpose modernize risk assessment and pricing
gptkbp:reinsurance purchases private reinsurance
gptkbp:relatedLegislation gptkb:Biggert–Waters_Flood_Insurance_Reform_Act_of_2012
gptkb:Flood_Disaster_Protection_Act_of_1973
gptkb:Homeowner_Flood_Insurance_Affordability_Act_of_2014
gptkbp:renewalPeriod annual
must be renewed annually
gptkbp:requires community must adopt floodplain management regulations
gptkbp:riskAssessmentTool gptkb:Flood_Insurance_Rate_Map
gptkbp:waitingPeriod 30 days after purchase
gptkbp:website https://www.fema.gov/flood-insurance
gptkbp:bfsParent gptkb:Federal_Emergency_Management_Agency
gptkbp:bfsLayer 4