National Flood Insurance Program Facts
photo illustration of flooded living room
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A Look at What the National Flood Insurance Program Does

This federal program, which is crucial to the Florida real estate industry, helps keep insurance affordable.

The National Flood Insurance Program (NFIP) provides property owners, businesses, and renters access to affordable flood insurance, according to FEMA. Overall, the program aims to reduce the impact of flooding on individuals and communities.

The NFIP program ...

  • Caps NFIP rates at $10,000 per year for property owners.
  • Directs FEMA to develop more granular rate tables, to ensure fewer properties are overcharged by NFIP.
  • Sets aside $1 billion for flood mitigation assistance grants.
  • Increases access to private market flood insurance.

How NFIP affects the Florida market

  • Florida has more NFIP policies than any other state.
  • Nearly every Realtor either sells property or lives in a flood zone in Florida.
  • Without flood insurance, home sales don’t close, and our communities are unprotected and at risk.
  • Without the NFIP, 40,000 residential transactions a month will not happen.

If the NFIP ever expires, Florida’s real estate industry will be severely impacted.