ABSTRACT

National Flood Insurance Program: Congress Should Consider Updating the Mandatory Purchase Requirement, Report to Congressional Requesters   [open pdf - 5MB]

From the Government Accountability Office (GAO) Highlights: "Flood insurance plays a key role in helping homeowners reduce the financial effects of floods, reduces the need for federal disaster assistance, and lowers costs for American taxpayers. NFIP [National Flood Insurance Program] makes federally backed flood insurance available to property owners in qualifying communities. The mandatory purchase requirement requires property owners in NFIP communities to purchase flood insurance if, among other things, they have mortgages from federally regulated lenders. GAO was asked to review the implementation of the mandatory purchase requirement. This report (1) describes federal entities' oversight of the requirement, (2) examines the extent to which FEMA uses information about compliance with the requirement, and (3) examines the use of FEMA floodplain maps to determine who must purchase flood insurance. GAO reviewed documentation from federal entities, analyzed data on lender violations of the requirement, and interviewed officials and other stakeholders."

Report Number:
GAO-21-578
Publisher:
Date:
2021-07
Copyright:
Public Domain
Retrieved From:
Government Accountability Office: http://www.gao.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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