How does the RFC program benefit the National Flood Insurance Fund (NFIF)?
NFIP-insured properties that suffer repeated flood losses are known as repetitive loss properties. Repetitive loss properties represent a significant draw on the NFIF, and increase the NFIP’s annual losses and need for borrowing. The RFC program targets properties that are or have the potential to become repetitive loss properties. By mitigating the risk of future flood losses, the RFC program not only protects property owners’ investments, but reduces the drain on the NFIF by reducing or eliminating future flood insurance claims.
Related Questions
- Can my community do anything to lower flood insurance premiums for coverage through the National Flood Insurance Program (NFIP)?
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- How does the RFC program benefit the National Flood Insurance Fund (NFIF)?
