Limnology (freshwater)
Affordability of National Flood Insurance Program Premiums
Report 1
by Committee on the Affordability of National Flood Insurance Program Premiums; Water Science and Technology Board; Division on Earth and Life Studies; Board on Mathematical Sciences and Their Applications; Division on Engineering and Physical Sciences; Committee on National Statistics; Division on Behavioral and Social Sciences and Education; National Research Council
Description
The National Flood Insurance Program (NFIP) is housed within the Federal Emergency Management Agency (FEMA) and offers insurance policies that are marketed and sold through private insurers, but with the risks borne by the U.S. federal government. NFIP's primary goals are to ensure affordable insurance premiums, secure widespread community participation in the program, and earn premium and fee income that covers claims paid and program expenses over time. In July 2012, the U.S. Congress passed the Biggert-Waters Flood Insurance Reform and Modernization Act (Biggert-Waters 2012), designed to move toward an insurance program with NFIP risk-based premiums that better reflected expected losses from floods at insured properties. This eliminated policies priced at what the NFIP called "pre-FIRM subsidized" and "grandfathered." As Biggert-Waters 2012 went into effect, constituents from multiple communities expressed concerns about the elimination of lower rate classes, arguing that it created a financial burden on policy holders. In response to these concerns Congress passed The Homeowner Flood Insurance Affordability Act of 2014 (HFIAA 2014). The 2014 legislation changed the process by which pre-FIRM subsidized premiums for primary residences would be removed and reinstated grandfathering. As part of that legislation, FEMA must report back to Congress with a draft affordability framework.
Affordability of National Flood Insurance Program Premiums: Report 1 is the first part of a two-part study to provide input as FEMA prepares their draft affordability framework. This report discusses the underlying definitions and methods for an affordability framework and the affordability concept and applications. Affordability of National Flood Insurance Program Premiums gives an overview of the demand for insurance and the history of the NFIP premium setting. The report then describes alternatives for determining when the premium increases resulting from Biggert-Waters 2012 would make flood insurance unaffordable.
More Information
Rights Information
WW ex JP, CN, KR ; L
Marketing Information
http://www.nap.edu/21709
National Academies Press
The National Academies Press (NAP) publish the reports of the National Academies of Sciences, Engineering and Medicine. They published more than 200 books a year on a wide range of topics.
View all titlesBibliographic Information
- Publisher National Academies Press
- Publication Date August 2015
- Orginal LanguageEnglish
- ISBN/Identifier 9780309371254
- Publication Country or regionUnited States
- FormatPaperback
- Primary Price 50 USD
- Pages166
- ReadershipProfessional and scholarly
- Publish StatusPublished
- Dimensions9 x 6 inches
- Biblio Notes2015
Thank you for proceeding with this offer.
National Academies Press has chosen to review this offer before it proceeds.
You will receive an email update that will bring you back to complete the process.
You can also check the status in the My Offers area
National Academies Press has chosen to review this offer before it proceeds.
You will receive an email update that will bring you back to complete the process.
You can also check the status in the My Offers area
Please wait while the payment is being prepared.
Do not close this window.
(c) Copyright 2024 - Frankfurt Rights. All Right Reserved