Flood

A community for which the Mitigation Division Administrator has authorized the sale of flood insurance under the NFIP.

participating community

Flood insurance can only be sold through the NFIP if the property to be insured is located in a

participating community

The National Flood Insurance Reform Act of 1984 increased the focus on compliance by lenders and created a mitigation assistance program to

reduce the costs of flood damage.

The Homeowner Flood Insurance Affordability Act of 2014

repealed certain sections of Biggert-Waters, restored the NFIP's grandfathering provisions, established limits on certain rate increases, and applied an annual policy surcharge on all policies

NFIA

National Flood Insurance Act

SFHAs represent a __/__ chance of flooding during the term of a 30-year mortgage.

1 in 4

The base flood or 100-year flood has a __% chance of being equaled or exceeded in any given year.

1%

The WYO Program has 3 main goals:

1-Increase the number and geographic distribution of NFIP policies 2-Improve service to NFIP policyholders 3-Provide the insurance industry with direct flood insurance operating experience

SFHAs are designated as _ and _ flood zones

A and V

NSFHAs are designated as _,_, and _ flood zones.

B,C and X

Flood insurance through the NFIP is NOT AVAILABLE for structures built or substantially approved after the community in which it is located was designated as a

CBRA zone

A system of protected coastal areas that includes oceanfront land, the Great Lakes, and Other Protected Areas.

Coastal Barrier Resources System

CBRS

Coastal Barriers Resource System

CBRA

Coastal Barriers Resources Act

A program developed by the FEMA Mitigation Division to provide incentives for communities in the National Flood Insurance Program that have gone beyond the minimum floodplain management requirements to develop extra measures to provide protection from flooding.

Community Rating System

CRS

Community Rating System

The Consolidated Appropriations Act of 2014 prevented certain provisions of Biggert-Waters from being implemented while

Congress negotiated the drafting of new flood insurance laws.

The Homeowner Flood Insurance Affordability Act of 2014 was the result of

Congressional and public disappointment with Biggert-Waters and the Consolidated Appropriations Act.

the financial aid to individuals whose property has been destroyed or damaged as a result of a federally declared disaster.

Disaster assistance

The initial phase of a community's participation in the National Flood Insurance Program.

Emergency Program

The NFIP is administered by the

Federal Emergency Management Agency (FEMA)

FHBM

Flood Hazard Boundary Map

FIRMS

Flood Insurance Rate Maps

Number one natural disaster in the US

Flooding

A zones represent

High Risk

In the event of a Major Declaration 3 categories of assistance are available, what are they?

Individual, Public, and Hazard Mitigation

More than 20% of all NFIP flood insurance claims are for property that is

NOT located in a high-risk flood zone (i.e., it is located in moderate- or low-risk areas).

Moderate or Low-Risk flood areas

NSFHA

The final phase of a community's participation in the National Flood Insurance Program.

Regular Program

SFHA

Special Flood Hazard Area

SFIP

Standard Flood Insurance Policy

Areas that have not been analyzed by FEMA, designated as flood zone D.

Undetermined Risk Areas

the National Flood Insurance Program was created to establish

a nationwide floodplain management mechanism

V zones represent

coastal flood plains

an official map of a community issued by the Federal Insurance Administrator.

flood hazard boundary map (FHBM)

shows the designated boundaries of the flood, mudflow, and related erosion areas that have special hazards

flood hazard boundary map (FHBM)

FIRM

flood insurance rate map

areas described by their risk of flooding

flood zones

SFHAs are also referred to as

floodplains

In the event of an Emergency Declaration

individual assistance is not available.

NSFHA

non-special flood hazard area

The Flood Insurance Protection Act of 1973 and Flood Disaster Protection Act of 1973 required lenders of federally backed loans and mortgages to

require the issuance of flood insurance on property secured by those loans if it is located in a high-risk flood area

The Biggert-Waters Flood Insurance Reform Act of 2012 funded and implemented a national remapping program along with certain rate increases to

strengthen the fiscal soundness of the NFIP.

The purpose of federal disaster assistance is

to provide financial aid for critical expenses that cannot be obtained from any other sources

Over the term of a 30-year mortgage, property located in a high-risk flood area is more apt

to sustain flood damage than to sustain fire damage.