Definitions for "National Flood Insurance Program"
Coverage against flooding for personal and business property provided under the National Flood Insurance Act of 1968. The NFIP encourages private insurers to participation in the program through an industry flood insurance pool of private insurers in cooperation with the U.S. Department of Housing and Urban Development (HUD).
A federal program enabling property owners in participating communities to purchase insurance protection against losses from flooding. This insurance is designed to provide an insurance alternative to disaster assistance to meet the escalating costs of repairing damage to buildings and their contents caused by floods.
NFIP) - Federal program created by Congress in 1968 that makes flood insurance available in communities that enact and enforce satisfactory floodplain management regulations.