ABSTRACT

Introduction to the National Flood Insurance Program (NFIP) [September 12, 2017]   [open pdf - 818KB]

"The National Flood Insurance Program (NFIP) was created by the National Flood Insurance Act of 1968 (NFIA, Title XIII of P.L. 90-448, as amended, 42 U.S.C. §4001 et seq.), and was recently reauthorized from October 1, 2017, to December 8, 2017. Prior to that, the NFIP was reauthorized by the Biggert-Waters Flood Insurance Reform Act of 2012 (Title II of P.L. 112-141, henceforth BW-12) from July 6, 2012, to September 30, 2017. Congress amended elements of BW-12, but did not extend the NFIP's authorization further, in the Homeowner Flood Insurance Affordability Act of 2014 (P.L. 113-89, henceforth HFIAA). The NFIP is managed by the Federal Emergency Management Agency (FEMA), through its subcomponent the Federal Insurance and Mitigation Administration (FIMA). As of June 2017, the NFIP had 4.94 million flood insurance policies providing approximately $1.23 trillion in coverage. The program collects about $3.5 billion in annual premium revenue. Nationally, as of August 2017, about 22,276 communities in 56 states and jurisdictions participated in the NFIP. According to FEMA, the program saves the nation an estimated $1.87 billion annually in flood losses avoided because of the NFIP's building and floodplain management regulations."

Report Number:
CRS Report for Congress, R44593
Author:
Publisher:
Date:
2017-09-12
Series:
Copyright:
Public Domain
Retrieved From:
Federation of American Scientists: http://www.fas.org/sgp/crs/index.html
Format:
pdf
Media Type:
application/pdf
URL:
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