NFIP
Government & Politics abbreviation · Public Program
| Stands for | National Flood Insurance Program |
|---|---|
| Categories | Government & Politics |
NFIP stands for National Flood Insurance Program, a public program abbreviation also used in business.
FEMA-run program that sells flood insurance to homeowners, renters and businesses in participating communities, since standard homeowners policies exclude flood damage. Flood insurance is required for federally backed mortgages in high-risk flood zones.
Example: Their lender required an NFIP policy because the house sits in a Special Flood Hazard Area.
Usage notes
Congress set it up in the National Flood Insurance Act of 1968, and it now holds most US residential flood policies. It borrowed heavily from the Treasury after hurricanes Katrina and Sandy. Its pricing system changed in 2021 to Risk Rating 2.0, which bases premiums on each property's risk. Congress must reauthorize it periodically, and lapses stop new policies.
Related abbreviations
More public program abbreviations
- LIHEAP – Low Income Home Energy Assistance Program
- LIHTC – Low-Income Housing Tax Credit
- LPR – Lawful permanent resident
- MA – Medicare Advantage
- MAGI – Modified adjusted gross income
- MSP – Medicare Savings Program
- NRA – National Recovery Administration
- NSLP – National School Lunch Program
- OASDI – Old-Age, Survivors, and Disability Insurance
- OEP – Open enrollment period
- OPT – Optional Practical Training
- PHA – Public housing agency