Insurance Programs
NFIP
The National Flood Insurance Program - a federal program providing flood insurance to property owners, renters, and businesses.
The National Flood Insurance Program (NFIP) is managed by FEMA and provides flood insurance coverage when private insurance is not available. NFIP policies typically have a 30-day waiting period before coverage begins. The program offers coverage for buildings and contents, with specific limits and requirements. Property owners in Special Flood Hazard Areas (SFHAs) with federally backed mortgages are required to carry flood insurance.
Related Terms
Flood Insurance
Separate insurance coverage that protects against flood damage, which is excluded from standard homeowners policies.
FAIR Plan
State-sponsored insurance programs that provide basic property insurance when coverage is not available in the private market.
High-Risk Property
Properties that insurance companies consider more likely to experience losses due to location, condition, or other risk factors.
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