18.05.2021 | History

3 edition of Flood insurance study found in the catalog.

Flood insurance study

village of Sidney, New York, Delaware County.

  • 1473 Want to read
  • 295 Currently reading

Published by Administrator in Federal Emergency Management Agency

  • United States
    • Subjects:
    • Federal Emergency Management Agency

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      • Cover title.Distributed to depository libraries in microfiche.September 30, 1987.Community number - 360211.Includes bibliographical references (p. 12-13).

        StatementFederal Emergency Management Agency
        PublishersFederal Emergency Management Agency
        LC Classifications1987
        The Physical Object
        Paginationxvi, 103 p. :
        Number of Pages41
        ID Numbers
        ISBN 10nodata

        nodata File Size: 2MB.

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Flood insurance study by Federal Emergency Management Agency Download PDF EPUB FB2

Flood-certified adjusters are responsible for assessing damage and estimating losses when flooding occurs. An evaluation by FEMA of how its new flood risk information could be used to designate which properties are subject to the requirement could help Congress revise the requirement Flood insurance study better increase consumer participation and reduce future federal disaster assistance expenditures.

FEMA's National Flood Insurance Program requires homeowners with federally regulated mortgages to purchase flood insurance for properties located in high-risk areas. An official said FEMA is still in the planning stages of meeting the requirement and is discussing options with state insurance commissions, but has not yet developed an action plan. GAO also is making two recommendations to FEMA, including that FEMA use information related to the requirement to increase consumer participation in the flood insurance market.

Flood Insurance Study Status

Our work is being done in accordance with generally accepted government auditing standards. Congress established the NFIP in 1968 to provide an insurance alternative to disaster assistance in response Flood insurance study the escalating costs of repairing flood damage. These areas not only submit over 20 percent of flood insurance claims, but also receive one-third of disaster assistance for flooding. Recommendation 1 When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

Because of the catastrophic nature of flooding and the inability to adequately predict flood risks, private insurance companies are largely unwilling to underwrite and bear the risk of flood insurance. Claims adjusters are assigned to policyholders by their insurance companies after the policyholders have notified their agents of a flood loss and the agents have written loss reports.

As we identify risk zones, we want to think about forecasting. Recommendation 1 When we Flood insurance study what actions the agency has taken in response to this recommendation, we will provide updated information. To meet our legislative mandate, as modified and expanded to include information on the 2004 hurricane season, and as discussed with your committee and the Senate Committee on Banking, Housing, and Urban Affairs, we are reviewing several issues related to NFIP claims and FEMA's oversight role.

Four private sector NFIP managers we interviewed said that the agents have varying levels of NFIP knowledge. This is a work of the U.