FLOOD FACTS: 1. Floods are the leading natural disaster in the United States. 2. Floods can occur in all 50 states. 3. Just an inch of water can cause extensive damage. 4. New land development can increase flood risk. 5. Twenty percent of flood insurance claims come from moderate to low risk areas. Source: FloodSmart.gov
In July 2012, President Barack Obama signed a five year reauthorization of a program that ensures comprehensive coverage for 5.6 million home and business owners for insurance that isn't available in the private market. The Federal Emergency Management Administration (FEMA) manages the National Flood Insurance Program (NFIP), created as a result of the National Flood Insurance Act of 1968.
In addition to providing flood insurance, NFIP, which extends through September 2017, makes significant reforms to eliminate debt and rate subsidies. It also works to improve floodplain management with experts who will review and set standards. For more information, visit www.realtor.org/topics/flood-insurance
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