google bot detected National Flood Insurance Program | Insurance Glossary | Realestateagent.com

National Flood Insurance Program


Definition of "National flood insurance program"

Michael  Schreiber
  Coldwell Banker Conroy, Marable & Holleman

Coverage against flooding for personal and business property under the National Flood Act of 1968, which encourages participation by private insurers in the program through an industry flood insurance pool. Property insurance companies with assets of $1 million or more may become members, either as risk bearers (who may issue their own policies) or as nonrisk bearers (who are limited to act as fiscal agents for the pool, and hence must use a syndicate-type policy as dictated by the pool). National Flood Insurance makes reasonable coverage available to those who could not buy it through private insurers before the 1968 act, and it encourages maximum participation extent by the private sector.



Related Real Estate Glossary terms

Related Real Estate FAQ