What Does Federal Insurance Administration Mean?
The Federal Insurance Administration is a government agency that provides certain types of insurance to specific parties, including flood insurance for people who live in high risk areas, FAIR plans for homeowners who are denied coverage by private insurers, and federal crime insurance.
Insuranceopedia Explains Federal Insurance Administration
It is very difficult for people who live in areas prone to damaging floods, such as flood zones or near rivers, to acquire flood insurance from private insurers. The Federal Insurance Administration provides insurance for such individuals to prevent these property owners from having to take on all of the risk themselves.