Summary: The National Flood Insurance Program (NFIP), created by the National Flood Insurance Act (NFIA) of 1968 and administered by the Federal Emergency Management Agency (FEMA), was put in place to provide flood insurance to eligible insureds. Following is an overview of the background, rules, and rating of the program, as well as a brief discussion of recent related legislature and case law. The NFIP Manual has been revised as of April 1, 2021. Rates have been revised; rates will increase effective October 1 2021 for new policies and on April 1, 2022 for the remaining policies. The manual can be found here. The How to Write section can be found on page 53, and the Preferred Rating Plan can be found on page 86.

Topics covered:

Increased need for flood insurance