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Book Top 10 Facts Every Consumer Needs to Know about the National Flood Insurance Program

Download or read book Top 10 Facts Every Consumer Needs to Know about the National Flood Insurance Program written by National Flood Insurance Program (U.S.) and published by . This book was released on 2000 with total page 2 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book National Flood Insurance Program

Download or read book National Flood Insurance Program written by United States. Federal Emergency Management Agency and published by . This book was released on 2005 with total page 2 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book Floodplain Management Handbook

Download or read book Floodplain Management Handbook written by H. James Owen and published by . This book was released on 1981 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book National Flood Insurance Program Answers to Questions About the NFIP

Download or read book National Flood Insurance Program Answers to Questions About the NFIP written by and published by FEMA. This book was released on 1980 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book National Flood Insurance Program

Download or read book National Flood Insurance Program written by and published by . This book was released on 2005 with total page 2 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book Mandatory Purchase of Flood Insurance Guidelines

Download or read book Mandatory Purchase of Flood Insurance Guidelines written by and published by FEMA. This book was released on 1997 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book Affordability of National Flood Insurance Program Premiums

Download or read book Affordability of National Flood Insurance Program Premiums written by National Research Council and published by National Academies Press. This book was released on 2015-08-06 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Book Federal Insurance Administration Stakeholder s Report

Download or read book Federal Insurance Administration Stakeholder s Report written by United States. Federal Insurance Administration and published by . This book was released on 1997 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book Management and Oversight of the National Flood Insurance Program

Download or read book Management and Oversight of the National Flood Insurance Program written by United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Community Opportunity and published by . This book was released on 2005 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book National Flood Insurance Program Flood Insurance Claims Handbook

Download or read book National Flood Insurance Program Flood Insurance Claims Handbook written by and published by FEMA. This book was released on with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book National Flood Insurance Program Continued Actions Needed to Address Financial and Operational Issues

Download or read book National Flood Insurance Program Continued Actions Needed to Address Financial and Operational Issues written by Orice Williams Brown and published by DIANE Publishing. This book was released on 2010-08 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Nat. Flood Insurance Program (NFIP), established in 1968, provides policyholders with insurance coverage for flood damage. FEMA is responsible for managing NFIP. Unprecedented losses from the 2005 hurricane season and NFIP¿s periodic need to borrow from the U.S. Treasury to pay flood insurance claims have raised concerns about the program¿s long-term financial solvency. Because of these concerns and NFIP¿s operational issues, NFIP has been on a high-risk list since March 2006. As of April 2010, NFIP¿s debt to Treasury stood at $18.8 billion. This testimony discusses: (1) NFIP¿s financial challenges; (2) FEMA¿s operational and management challenges; and (3) actions needed to address these challenges. Includes recommendations.

Book Overview of GAO s Past Work on the National Flood Insurance Program

Download or read book Overview of GAO s Past Work on the National Flood Insurance Program written by United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Insurance and published by . This book was released on 2014 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past 11 years, GAO has identified a variety of challenges facing the National Flood Insurance Program (NFIP) and has made numerous recommendations to the Federal Emergency Management Agency (FEMA) to improve its administration of the program. FEMA has generally agreed with GAO's recommendations and has taken steps to address them. However, FEMA has not fully addressed all of the issues we have reported on and will need to address provisions in both the Biggert-Waters Insurance Reform Act of 2012 (Biggert-Waters Act) and the Homeowner Flood Insurance Affordability Act of 2014 (2014 Act) that affect many aspects of NFIP, including its finances, rate setting, and participation. Among other things, GAO found the following: 1) Finances. As of December 31, 2013, FEMA owed the Department of the Treasury (Treasury) $24 billion--primarily to pay claims associated with Superstorm Sandy (2012) and Hurricane Katrina (2005)--and had not made a principal payment since 2010. The Biggert-Waters Act requires FEMA to issue a report to Congress by January 2013 on a repayment plan setting forth options to repay FEMA's total debt to Treasury within 10 years. However, as of January 2014, FEMA had not issued such a report. According to FEMA officials, preliminary analysis suggests that under FEMA's planned implementation of the act, the agency will not be able to repay its debt within the 10-year time frame. The officials said the report will contain options for retiring the debt within 10 years, but that most of the options would require congressional action. As required by the act, FEMA is establishing a reserve fund that could help reduce the need for future borrowing from Treasury. However, FEMA is unlikely to initially meet the act's annual targets for building up the reserve, due partly to statutory limitations on annual premium increases. 2) Premium rate setting. FEMA's methodology for determining full-risk premium rates may not fully reflect the actual risk of flood damage as intended. Consistent with recommendations GAO made in 2008, FEMA has initiated actions to improve the accuracy of full-risk rates, including updating data used in the model it uses to set rates. However, these actions are in the preliminary stages. FEMA had begun implementing Biggert-Waters Act provisions to reduce and eventually eliminate most subsidized rates on remaining policies. However, the 2014 Act reinstates some of these subsidies. Phasing out and eventually eliminating subsidies remaining after the 2014 Act poses challenges for FEMA. For example, to appropriately revise rates for policies that were previously subsidized (that is, had discounted insurance premiums), FEMA will need information on the relative risk of flooding and property elevations, which generally had not been required for subsidized policies prior to the Biggert-Waters Act. FEMA is evaluating approaches to obtain this information in response to a recommendation GAO made in a 2013 report. Premium rate increases arising from the act may also pose affordability challenges for some homeowners. The 2014 Act's repeal of certain rate increases in the Biggert-Waters Act will address affordability concerns, but may also reduce program revenues and weaken the financial soundness of the NFIP program. 3) Participation. Overall NFIP penetration rates--the proportion of all properties with flood insurance--are low, according to estimates based on available limited data. In addition, while some homeowners are required to purchase flood insurance for the life of their mortgage loans, information on the extent of compliance with this requirement is limited. As of September 31, 2013, there were more than 5.5 million NFIP policies in force, but several factors have negatively affected program participation. These include inaccurate perceptions about the risk of flooding and the cost of purchasing policies, as well as the inaccurate assumption that flood perils are included in homeowner's insurance policies. FEMA has taken a number of steps to broaden participation in NFIP, including development of a national outreach strategy. In addition, the Biggert-Waters Act includes several provisions to strengthen enforcement of the mandatory purchase requirement and to address some of the factors that limit participation.