This page discusses the history of the formation of the National Flood Insurance Program (NFIP), the current state of nation-wide mapping, legislation and its impacts on the NFIP, rate changes, how we work with our partners, like Write Your Own private insurance companies, and more.
In 1968, Congress created the National Flood Insurance Program (NFIP) provide a means for property owners to protect themselves financially from flood events. The NFIP offers flood insurance to homeowners, renters and business owners if their community participates in the NFIP. Participating communities agree to adopt and enforce floodplain management ordinances that meet or exceed FEMA requirements.
Since the NFIP’s inception, additional legislation has been enacted to strengthen the program, ensure its fiscal soundness and inform its mapping and insurance rate-setting through expert consultation, reports and studies.
Today the program is focused on implementing recent legislation by adjusting premium increases, issuing new rates and map updates, supporting mitigation and ensuring special advocacy to connect policyholders with the information they need to better understand the program.
Property Owners and Renters
The agency is working closely with its National Flood Insurance Program (NFIP) Direct Servicing Agent (DSA) and Write Your Own (WYO) program participating insurance companies that sell and service federal flood insurance so eligible policyholders may receive refunds beginning this fall. The agency has also issued guidance so most impacted policyholders won’t be required to pay rates higher than the law now requires during the time the rate tables are being developed.
Insurance agents may find guidance in the WYO Bulletins the agency issues to the NFIP DSA and WYO companies.
Below, please find technical information about rating policies and when changes will take place, along with information to inform your discussions with clients:
- WYO Bulletins
- Rate Changes and Surcharges
- Cost of Flood: FEMA Letters to Policyholders (Insurance agents' guidance for the implementation of HFIAA Section 28/Clear Communications legislation)
- Accounting for Mitigation
- Business and Other Non-Residential Flood Insurance Policies: What Insurance Agents Should Know
- Flood Insurance Policy Lapse and Reinstatement: Information for Insurance Agents
- Lower-Cost Rating Option For Buildings Newly Mapped Into High-Risk Areas: Information for Insurance Agents
Real Estate Agents
Below, please find information of interest to real estate agents supporting real estate purchase and sales in all flood risk areas: