National%20Flood%20Insurance%20and%20Flood%20Mitigation

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National Flood Insurance and Flood Mitigation

• Virginia Beam

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Flood Insurance

• Everyone lives in a flood zone
• Flood damage is not covered by homeowners
  policies
• There is a low-cost policy for homes in
  low-moderate risk areas
• Flood insurance is affordable
• Contents coverage is separate
• There is usually a 30-day waiting period before
  the coverage goes into effect
• Federal disaster assistance is not the answer

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National Flood Insurance Program

• NFIP was created in 1968
• 20,000 communities participate in the NFIP
• Flood damage has been reduced by nearly 1
  billion a year
• Buildings in compliance with NFIP standards
  suffer approx 80 less damage than structures
  that are not
• For every 3 paid in insurance claims saves 1 in
  disaster assistance payments

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Flood Mitigation

• 1 of 44 mill. insured are repetitive loss
  properties
• 38 of claim cost are repetitive loss properties
• Flood Mitigation was created to save money and
  reduce damages

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Flood Mitigation

• Flood Mitigation Assistance Program has 3 types
  of grants
• Planning to plan for mitigation effort
• Project for communities with approved efforts
  to begin projects
• Technical 10 of project grant goes to help
  manage and oversee projects
• Funding for mitigation top out at 20 million a
  year

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Pre-Disaster Mitigation

• Provides and technical assistance to reduce
  loss of life and damages
• Including states, communities and tribal
  governments
• These must subsequently provide sub-grants to
  local governments for mitigation activities

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Hazards Mitigation

• Focus on long-term hazard mitigation
• Concentrates on resolving disaster areas and also
  finds the best way to minimize/eliminate effects
  of hazards
• States may receive extra funding if mitigation
  plans were in effect
• Individuals may not apply only by nomination you
  receive funding
• Ex. Elevating a home instead of placing sandbags
  to slow the damage