National Flood Insurance Program (NFIP)
Definition - What does National Flood Insurance Program (NFIP) mean?
The National Flood Insurance Program (NFIP) is a project of the US government, administered by the Federal Emergency Management Agency (FEMA). The program provides flood insurance to property owners, as well as education and assistance aimed at lessening the damage caused by floods in flood-prone areas.
Insuranceopedia explains National Flood Insurance Program (NFIP)
The NFIP gathers private insurance companies to provide flood insurance to business owners and residents whose properties are built on floodplains, areas that are prone to flooding. In return, those provided with insurance must follow standards enforced by FEMA regarding the construction of structures in these floodplains.
The price of insurance does not vary from state to state but is dictated by factors like the type of structure insured and the likelihood of it being flooded.
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