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National Flood Insurance Program

https://zalma.com/blog

Since floods are risks of loss seldom covered by typical property insurance policies, the U.S. Congress stepped in and created the National Flood Insurance Program, which is a separate flood insurance policy necessary to protect against the risk of loss by flood.

The National Flood Insurance Act of 1968 created the National Flood Insurance Program (\\u201cNFIP\\u201d) to provide affordable flood insurance on fair terms. Spong v. Fidelity Nat\'l Prop. & Cas. Ins. Co., 787 F.3d 296, 304 (5th Cir.2015).

FEMA is the federal agency that implements the National Flood Insurance Program (\\u201cNFIP\\u201d), a federal program that enables property owners in participating communities to purchase insurance protection, administered by the government, against losses from flooding. In order to participate in the NFIP, communities are required to adopt and enforce floodplain management ordinances to reduce future flood damage. Through this program FEMA has created maps, known as FIRMs, which delineate the boundaries within a community of flood hazard areas. The FIRMs are divided into insurance risk zones according to the likelihood of a flood occurring within a particular region.

The federal treasury ultimately makes payments on flood insurance claims.  (Gowland v. Aetna, 143 F.3d 951, 954 (5th Cir.1998)). The flood insurance claim process requires the insured to notify the insurer of the loss and submit a complete signed and sworn proof of loss setting out the nature, cause, and value of the loss. Failure to comply with the letter of the law and the flood insurance policy deprives the insured of the right to receive indemnity to recover from flood damage.