01.Core Concepts

The program was designed to be self-supporting for the average historical loss year Problems with the program and a $18 million deficit led to short-term exclusions and a call for reform Congress revised and extended the program for five years in 2012 and revised it again in 2014 Congress must act to reauthorize the program no later than November 30, 2018 Federal law requires individuals to purchase flood insurance if they have federal guaranteed financing to guild, buy, refinance, or repair structures located in special hazard flood areas