Flood insurance is an insurance policy that covers property damage specifically due to natural flooding. Although offered by private insurers, it is largely subsidized by the federal government.
A floodplain is a level land area subject to periodic flooding from a contiguous body of water. Floodplains often play a crucial role in environmental balance and can influence real estate development and insurance costs.
A homeowner's insurance policy is a type of insurance specifically designed to protect homeowners from losses caused by various common disasters, hazards, theft, and liability. Coverage and costs can vary widely, and certain types of coverage like flood insurance may need to be purchased separately.
The National Flood Insurance Program (NFIP) is a program created by the U.S. Congress in 1968 through the National Flood Insurance Act of 1968. The NFIP's aims are to reduce the impact of flooding on private and public structures by providing affordable insurance to property owners and by encouraging communities to adopt and enforce floodplain management regulations.
