What is Flood Insurance - Franklin Flood

 

What is Flood Insurance?
The National Flood Insurance Program ( NFIP ) Explained

The NFIP is a Federal program enabling property owners in participating communities to purchase insurance protection against losses from flooding. Flood insurance is designed to provide an insurance alternative to disaster assistance to meet the escalating costs of repairing damage to buildings and their contents caused by floods. Participation in the NFIP is based on an agreement between local communities and the Federal Government that states if a community will adopt and enforce a floodplain management ordinance to reduce future flood risks to new construction in Special Flood Hazard Areas, the Federal Government will make flood insurance available within the community as a financial protection against flood losses.

For decades, the national response to flood disasters was generally limited to constructing flood-control works such as dams, levees, seawalls, and the like, and providing disaster relief to flood victims. This approach did not reduce losses, nor did it discourage unwise development. In some instances, it may have actually encouraged additional questionable development. To compound the problem, the public generally could not buy flood coverage from insurance companies, and building techniques to reduce flood damage were often overlooked. In the face of mounting flood losses and escalating costs of disaster relief to the general taxpayers, the U.S. Congress created the NFIP. The intent was to reduce future flood damage through community floodplain management ordinances, and provide protection for property owners against potential losses through an insurance mechanism that requires a premium to be paid for the protection.

The U.S. Congress established the NFIP on August 1, 1968, with the passage of the National Flood Insurance Act of 1968. The NFIP was broadened and modified with the passage of the Flood Disaster Protection Act of 1973 and other legislative measures. It was further modified by the National Flood Insurance Reform Act of 1994 and the Flood Insurance Reform Act of 2004. The NFIP is administered by the Federal Emergency Management Agency (FEMA), a component of the U.S. Department of Homeland Security (DHS).

Preferred Risk Policy ( PRP)

A flood insurance Preferred Risk Policy ( PRP) is a lower-cost protection option for residential and non-residential properties in low to moderate risk areas. PRP makes lower-cost insurance rates available through several combinations of building and contents protections.

Franklin Awards

Franklin has earned the Administrator’s Club Award at the 2006 and 2008 National Flood Conferences, sponsored by FEMA, the Federal Emergency Management Administration. This award is bestowed upon companies in recognition of their contributions to the growth of the government's National Flood Insurance Program ( NFIP ).

That's why it's important that you call Franklin Flood, LLC, we're here when you need us. Call 888-567-9600

 

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Flood Insurance is Affordable Again:

The Homeowner Flood Insurance Affordability Act of 2014 (HFIAA), which went into effect July 1, 2014, restores grandfathering and much of the previous affordable rate structure and more reasonable regulations. For the consumer this means that NFIP Flood Insurance is affordable and obtainable again.

For information talk to a licensed Franklin Flood Insurance Agent TODAY

 

 

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Franklin Flood, LLC, 120 East Uwchlan Ave, Suite 101, Exton, PA 119341 Toll Free 888 567 9600 Fax 610 524 0900

 

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