Federal Flood Insurance: The Repetitive Loss Problem (CRS Report for Congress)
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| Release Date |
June 30, 2005 |
| Report Number |
RL32972 |
| Report Type |
Report |
| Authors |
Rawle O. King, Government and Finance Division |
| Source Agency |
Congressional Research Service |
Summary:
Historically, flooding has been the most common natural disaster in the United States, costing more in property damages than any other natural disaster. In response to the trend of building homes and businesses in flood-prone areas and the increasing cost of damages caused by floods, Congress created the National Flood Insurance Program (NFIP) in 1968. The object was to reduce future flood losses through flood hazard identification, floodplain management (i.e., land use controls and building codes), and insurance protection. NFIP coverage is available to all owners and occupants of insurable property in a participating community.
