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Flood Insurance Catastrophes and the “Process”

Each year rain storms of different variations cause water to rise and thousands of properties will be affected or destroyed. Flooding can occur just about anywhere, and is one of the most common catastrophes affecting property. Once the flood waters recede, The process of putting life back together encompasses many facets including the adjusting of the insurance claim, the inspection of flooded areas through FEMA, the statistical gathering of data to help give insight to the NFIP on how to slow or prevent areas from flooding again, the checks and balances needed to keep the costs in line for the flood program, making sure the insured is adequately compensated under the guidelines of the National Flood Insurance Program Flood Policy, and the qualifying and issuance of assistance grants under FEMA for the property owners that did not have coverage under the NFIP Flood Policy. Flood insurance works much like other property insurance policies but there are challenges for the NFIP and the property owner due to the severity of the damage, logistical problems in the field and providing assistance under the guidelines of the actual policy. When a property owner does not have flood insurance and the area has been declared a natural disaster zone, there is a chance that the property owner can qualify for a grant through FEMA and with that grant a flood insurance policy will be provided out of their grant funds for future coverage for that property owner.

Knowing the tremendous “Process” that FEMA and the NFIP has to conquer on a year to year basis, they rely on independent companies to provide services to them in their quest to accomplish their tasks. Charter Castastrophe Services, Inc. is one of the companies that was setup and designed to help in the unique field of Flood Insurance.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

514 Holcombe Avenue

Mobile, AL. 36606

Phone: (352) 450-4529

Fax: (251) 217-2089

Email: help@chartercat.net

 

The National Flood Insurance Program (NFIP) was created by the Congress of the United States in 1968 through the National Flood Insurance Act of 1968 (P.L. 90-448). It enables property owners in participating communities to purchase insurance protection from the government against losses from flooding. This insurance is designed to provide an insurance alternative to disaster assistance to meet the escalating costs of repairing damage to buildings and their contents caused by floods.

The Federal Emergency Management Agency (FEMA) is an agency of the United States Department of Homeland Security, initially created by Presidential Reorganization Plan No. 3 of 1978 and implemented by two Executive Orders on April 1, 1979.[1][4] The agency's primary purpose is to coordinate the response to a disaster that has occurred in the United States and that overwhelms the resources of local and state authorities. The governor of the state in which the disaster occurs must declare a state of emergency and formally request from the president that FEMA and the federal government respond to the disaster. FEMA also provides these services for territories of the United States, such asPuerto Rico. The only exception to the state's gubernatorial declaration requirement occurs when an emergency and/or disaster takes place on federal property or to a federal asset, for example, the 1995 bombing of the Alfred P. Murrah Federal Building in Oklahoma City, Oklahoma, or the Space Shuttle Columbia in the 2003 return-flight disaster.
While on-the-ground support of disaster recovery efforts is a major part of FEMA's charter, the agency provides state and local governments with experts in specialized fields and funding for rebuilding efforts and relief funds for infrastructure by directing individuals to access low interest loans, in conjunction with the Small Business Administration. In addition to this, FEMA provides funds for training of response personnel throughout the United States and its territories as part of the agency's preparedness effort.