Transcript Document 7771127

National Flood
Insurance and Flood
Mitigation
Virginia Beam
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
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
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
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
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
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