National Flood Insurance and Flood Mitigation

1. National Flood Insurance and Flood Mitigation Virginia Beam

2. 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

3. 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

4. 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

5. 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

6. 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

7. 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