What is the primary function of the National Flood Insurance Program (NFIP)?

The primary function of the National Flood Insurance Program (NFIP) is to provide flood insurance and promote floodplain management practices. This program was established to help property owners, renters, and businesses mitigate the financial impact of flood damages by making affordable flood insurance available. Additionally, the NFIP encourages communities to adopt floodplain management regulations aimed at reducing future flood damage, which ultimately helps to minimize the overall costs of flooding to both the federal government and communities.

By providing insurance and supporting sound management practices, the NFIP aims to reduce the risk of flood damage and enhance resilience against future flood events. This dual approach not only protects individuals and their assets but also contributes to the greater goal of sustainable flood management and community planning.