Description
Book SynopsisRiver and coastal floods are among the nation's most costly natural disasters. One component in the nation's approach to managing flood risk is availability of flood insurance policies, which are offered on an individual basis primarily through the National Flood Insurance Program (NFIP). Established in 1968, the NFIP is overseen by the Federal Emergency Management Agency (FEMA) and there are about 5.4 million individual policies in the NFIP. The program has experienced a mixture of successes and persistent challenges. Successes include a large number of policy holders, the insurance of approximately $1.3 trillion of property, and the fact that the large majority of policy holders - 80% - pay rates that are risk based. NFIP challenges include large program debt, relatively low rates of purchase in many flood-prone areas, a host of issues regarding affordability of premiums, ensuring that premiums collected cover payouts and administrative fees, and a large number of properties that exp
Table of Contents1 Front Matter; 2 Summary; 3 1 Introduction; 4 2 Workshop Topics and Presentations; 5 3 Flood Risk Management and a Precedent for a Community-Based Flood Insurance Option; 6 4 Community-Based Flood Insurance: Issues and Considerations; 7 References; 8 Appendix A Guest Speakers at Committee Meetings; 9 Appendix B Technical Discussion of the Responsibility for Insurance Is Irrelevant (RII) Proposition; 10 Appendix C Committee Biographical Information
