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1 Introduction
Pages 9-14

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From page 9...
... For many decades, however, the limits of these structural approaches to flood risk management have been recognized. A 1966 report from a special task force on national flood policy, for example, noted that despite the investments of substantial and increasing levels of public funds to construct and operate such projects, flood damages continued to rise (Task Force on Federal Flood Control Policy, 1966)
From page 10...
... . • Repetitive loss properties: Between 1978 and 2011, about 166,000 repetitive loss properties had 496,000 claims paid, costing the pro gram fund $12.1 billion (Congressional Research Service, 2013)
From page 11...
... The NFIP is also challenged by widespread assumption that, because it offers insurance policies and shares some features with private insurance that it operates like private insurance, without the need for federal financial support. Indeed the NFIP has features similar to a private insurance program, but has objectives of ensuring reasonable insurance premiums, having NFIP risk-based premiums, securing high takeup rates, and earning premium and fee income to pay for claims and expenses (NRC, 2015)
From page 12...
... As BOX 1-1 Statement of Task and Study Goals An ad hoc committee of the National Research Council (NRC) will issue a consensus report examining future prospects for community-based flood insur ance policies for the United States. Given the lack of experience with community based flood insurance in the U.S., the committee's report will identify and discuss topic areas and questions that it concludes will require further evaluation -- and explain why -- in order for FEMA and others to better evaluate strengths and weak nesses of community-based flood insurance.  Examples of these topic areas include • mplementation and feasibility challenges of community-based flood i insurance; •  ossible terms of community-based flood insurance policies (e.g., options p for portions of communities to be covered; renters vs.
From page 13...
... ORIGINS OF THE STUDY To address many of the NFIP's challenges, the U.S. Congress passed the BW 2012, key provisions of which required raising flood insurance premiums to reflect flood risks, thereby making the program more financially stable.
From page 14...
... These information gathering sessions provided useful input to the committee's deliberations and are reflected in the report's contents. Chapter 3 describes flood risk management strategies, existing community-based options for managing flood risk, and key flood insurance topics.


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