"It's all about the Water!"
"If I live in the 100-year flood plain, I have nothing to worry about, after all what are the odds." According to Federal Emergency Management Agency (FEMA) a home in the 100-year flood plain has a 26% chance of flooding during a 30 year period.
The Flood "Program"
The U.S. Congress established the National Flood Insurance Program (NFIP) with the passage of the National Flood Insurance Act of 1968. The NFIP is a Federal program enabling property owners with properties in participating communities to purchase insurance as a protection against flood losses in exchange for State and community flood plain management regulations that reduce future flood damages. Participation in the NFIP is based on an agreement between the
local community and the Federal Government
Since this is a federal program the cost of the insurance policy should be the same among insurance companies with the premium being determined by the value of the home and its risk (elevation) in relation to the local surface water hydrology and the 100 year flood plain. An elevation certificate is used to determine the "risk" and this is provided by a surveyor who performs an elevation survey.
The flood insurance program is the responsibility of the Federal Emergency Management Agency ( FEMA ) who previously published the: "Top 10 Facts" copied in the insert below. Current and more complete information can now be obtained from their new Flood Insurance information web site called FloodSmart.gov http://www.floodsmart.gov/floodsmart/pages/index.jsp