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The federal agency within the Department of Homeland Security that is tasked with responding to, planning for, recovering from, and mitigating against man-made and natural disasters.
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A flat charge that the policyholder must pay on each new or renewal policy to defray certain administrative expenses incurred in carrying out the National Flood Insurance Program.
- Browse Related Terms: Actual cash value (ACV), Elevation Certificate, Federal Policy Fee, Grandfathering, Group Flood Insurance Policy (GFIP), Increased Cost of Compliance (ICC), policy, Post-FIRM Building, Pre-FIRM Building, Preferred Risk Policy (PRP), Probation Surcharge (Premium), Replacement Cost Value (RCV), Standard Flood Insurance Policy (SFIP), Submit-for-Rate, Waiting Period, Wave Height Adjustment, Write Your Own (WYO) Program
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A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is the policyholder's property) from one of the following:
- Overflow of inland or tidal waters
- Unusual and rapid accumulation or runoff of surface waters from any source
- Mudflow
- Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above
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Made the purchase of flood insurance mandatory for the protection of property located in Special Flood Hazard Areas.
- Browse Related Terms: Flood Disaster Protection Act (FDPA) of 1973, Flood Hazard Boundary Map (FHBM), Flood Insurance Rate Map (FIRM), Flood Zone (Zone), Mandatory Purchase, Special Flood Hazard Area (SFHA), zone
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Official map of a community issued by the Federal Insurance Administrator, where the boundaries of the flood, mudflow, and related erosion areas having special hazards have been designated.
- Browse Related Terms: Flood Disaster Protection Act (FDPA) of 1973, Flood Hazard Boundary Map (FHBM), Flood Insurance Rate Map (FIRM), Flood Zone (Zone), Mandatory Purchase, Special Flood Hazard Area (SFHA), zone
All > Business > Finance > Insurance > Flood Insurance
Official map of a community on which the Mitigation Division Administrator has delineated both the special hazard areas and the risk premium zones applicable to the community.
- Browse Related Terms: Flood Disaster Protection Act (FDPA) of 1973, Flood Hazard Boundary Map (FHBM), Flood Insurance Rate Map (FIRM), Flood Zone (Zone), Mandatory Purchase, Special Flood Hazard Area (SFHA), zone
All > Business > Finance > Insurance > Flood Insurance
A geographical area shown on a Flood Hazard Boundary Map or a Flood Insurance Rate Map that reflects the severity or type of flooding in the area.
- Browse Related Terms: Flood Disaster Protection Act (FDPA) of 1973, Flood Hazard Boundary Map (FHBM), Flood Insurance Rate Map (FIRM), Flood Zone (Zone), Mandatory Purchase, Special Flood Hazard Area (SFHA), zone
All > Business > Finance > Insurance > Flood Insurance
Any land area susceptible to being inundated by floodwaters from any source.
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All > Business > Finance > Insurance > Flood Insurance
The operation of an overall program of corrective and preventive measures for reducing flood damage, including but not limited to, emergency preparedness plans, flood control works, and floodplain management regulations.
- Browse Related Terms: act, Community, Community Rating System (CRS), Emergency Program, Federal Emergency Management Agency (FEMA), Floodplain Management, Mitigation Division, National Flood Insurance Program (NFIP), National Flood Insurance Reform Act (NFIRA), Participating Community, Regular Program