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Summary
Pages 1-10

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From page 1...
... The NFIP was established by the Congress with passage of the National Flood Insurance Act in 1968, to help reduce future flood damages through NFIP community floodplain regulation that would control development in flood hazard areas, provide insurance for a premium to property owners, and reduce federal expenditures for disaster assistance. The flood insurance is available only to owners of insurable property located in communities that participate in the NFIP.
From page 2...
... TREATMENT OF LEVEES WITHIN THE NATIONAL FLOOD INSURANCE PROGRAM After the establishment of the NFIP, efforts to identify the nation's flood hazard began. Because many flood protection works, mostly levees, had, in the past, successfully passed what had been considered a one percent annual chance flood, both local communities and contractors raised the issue of excluding areas protected by a one percent annual chance or greater structure from the SFHA.
From page 3...
... In these circumstances, the risk analysis results would inform communities of the flood protection system limitations and potential vulnerabilities, the actual flood risk being faced, and inform flood insurance ratings. Risk analysis results would also differentiate between protection provided by one percent annual chance levees and 0.2 percent levees.
From page 4...
... The Biggert-Waters Flood Insurance Reform Act directs adjustment of fiscal practices to move the NFIP to a more fiscally sound approach. Risk-based insurance pricing is key to efficient and equitable financial transfer of the risk.
From page 5...
... More accurate pricing and more information created by a modern risk analysis has the potential to prompt additional policy purchase. Property owners would be more favorably inclined to buy flood insurance if individual risk is well known and understood and insurance rates are priced to match the probability of flooding and financial impact of flooding events.
From page 6...
... A modern riskbased analysis has the potential to impact the purchase of flood insurance, diversify the NFIP's exposure to flood risk, and generate a fiscally sounder program. Once the risk-based approach has been put in place and matures, FEMA should review and study the necessity of the mandatory purchase requirement behind levees and throughout the SFHA.
From page 7...
... So, rather than one entity confronted with the challenge of communicating risk to the public, levee-related flood risk communication efforts face the challenge of presenting unified, effective communication among all the governmental agencies, as well as between agencies and the public. Historically, there has been little information about hazards associated with levees available to local communities, other than Flood Hazard Boundary Maps and FIRMs that reflect only the flood hazard area (the area flooded by the one percent annual chance event)
From page 8...
... This includes a joint methodology, procedure, and where feasible, the sharing of models and other risk analysis tools. The utility of levee-related flood risk communication developed and communicated at the federal level is challenged by uncoordinated messaging.
From page 9...
... A modern risk analysis will bring about changes in insurance ratings and modify current perceptions of risk. Communicating flood risk in general and flood risk behind levees will require close collaboration among all levels of government and within governmental agencies.


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