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A federal program enabling property owners in participating communities to purchase insurance protection against losses from flooding. This insurance is designed to provide an insurance alternative to disaster assistance to meet the escalating costs of repairing damage to buildings and their contents caused by floods.
- 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
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All > Business > Finance > Insurance > Flood Insurance
The purpose of the National Flood Insurance Reform Act of 1994 is to improve the financial condition of the NFIP and reduce federal expenditures for disaster assistance to flood-damaged properties. The act affects every part of NFIP, insurance, mapping and floodplain management. NFIRA also gives lenders tools with which to enforce requirements for flood insurance coverage mandated under the Flood Disaster Protection Act of 1973.
- 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
All > Business > Finance > Insurance > Flood Insurance
Includes, but is not limited to: small business concerns, churches, schools, farm buildings (including grain bins and silos), pool houses, clubhouses, recreational buildings, mercantile structures, agricultural and industrial structures, warehouses, hotels and motels with normal room rentals for less than 6 months' duration, and nursing homes.
- Browse Related Terms: 2 to 4 Family Residence, Condominium, Manufactured (mobile) home, Mobile home, Non-Residential, Other Residential, Residential Condominium Building Association Policy (RCBAP), Single-Family Residence
All > Business > Finance > Insurance > Flood Insurance
An area in a low to moderate risk flood zone (Zones B, C, X) that is not in any immediate danger from flooding caused by overflowing rivers or hard rains. However, it's important to note that structures within a NSFHA are still at risk.
- Browse Related Terms: Base Flood, Base Flood Elevation (BFE), Basement, Breakaway wall, Elevated Building, Enclosure, Flood, Floodplain, Lowest Floor, Non-Special Flood Hazard Area (NSFHA)