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Suggested Citation:"List of Acronyms." National Academies of Sciences, Engineering, and Medicine. 2016. Affordability of National Flood Insurance Program Premiums: Report 2. Washington, DC: The National Academies Press. doi: 10.17226/21848.
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List of Acronyms

ACS American Community Survey
BFE Base flood elevation
BW Biggert-Waters Flood Insurance Reform Act
CDBG Community development block grant
CRS Community Rating System
DFIRM Digital flood insurance rate map
DHS Department of Homeland Security
FEMA Federal Emergency Management Agency
FIMA Federal Insurance and Mitigation Administration
FIRM Flood insurance rate map
GAO Government Accountability Office
GIS Geographic Information System
HEC Hydrologic Engineering Center
HEC-HMS Hydrologic Engineering Center-Hydrologic Modelling System
HEC-RAS Hydrologic Engineering Center-River Analysis System
HFIAA Homeowner Flood Insurance Affordability Act
HUD Department of Housing and Urban Development
LiDAR Light detection and ranging
Suggested Citation:"List of Acronyms." National Academies of Sciences, Engineering, and Medicine. 2016. Affordability of National Flood Insurance Program Premiums: Report 2. Washington, DC: The National Academies Press. doi: 10.17226/21848.
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NAS National Academy of Sciences
NCFMP North Carolina Floodplain Mapping Program
NFHL National Flood Hazard Layer
NFIP National Flood Insurance Program
NRC National Research Council
PFS Pre-FIRM subsidized
PRP Preferred risk policy
PUMS Public use microdata sample
RDC Research Data Center
Risk MAP Risk Mapping Assessment and Planning
SBA Small Business Administration
SFHA Special Flood Hazard Area
USACE U.S. Army Corps of Engineers
WYO Write-Your-Own
Suggested Citation:"List of Acronyms." National Academies of Sciences, Engineering, and Medicine. 2016. Affordability of National Flood Insurance Program Premiums: Report 2. Washington, DC: The National Academies Press. doi: 10.17226/21848.
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Page 93
Suggested Citation:"List of Acronyms." National Academies of Sciences, Engineering, and Medicine. 2016. Affordability of National Flood Insurance Program Premiums: Report 2. Washington, DC: The National Academies Press. doi: 10.17226/21848.
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Page 94
Next: Appendix A: Affordability of National Flood Insurance Program Premiums: Report 1 Summary »
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When Congress authorized the National Flood Insurance Program (NFIP) in 1968, it intended for the program to encourage community initiatives in flood risk management, charge insurance premiums consistent with actuarial pricing principles, and encourage the purchase of flood insurance by owners of flood prone properties, in part, by offering affordable premiums. The NFIP has been reauthorized many times since 1968, most recently with the Biggert-Waters Flood Insurance Reform Act of 2012 (BW 2012). In this most recent reauthorization, Congress placed a particular emphasis on setting flood insurance premiums following actuarial pricing principles, which was motivated by a desire to ensure future revenues were adequate to pay claims and administrative expenses. BW 2012 was designed to move the NFIP towards risk-based premiums for all flood insurance policies. The result was to be increased premiums for some policyholders that had been paying less than NFIP risk-based premiums and to possibly increase premiums for all policyholders.

Recognition of this possibility and concern for the affordability of flood insurance is reflected in sections of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA 2014). These sections called on FEMA to propose a draft affordability framework for the NFIP after completing an analysis of the efforts of possible programs for offering “means-tested assistance” to policyholders for whom higher rates may not be affordable.

BW 2012 and HFIAA 2014 mandated that FEMA conduct a study, in cooperation with the National Academies of Sciences, Engineering, and Medicine, which would compare the costs of a program of risk-based rates and means-tested assistance to the current system of subsidized flood insurance rates and federally funded disaster relief for people without coverage. Production of two reports was agreed upon to fulfill this mandate. This second report proposes alternative approaches for a national evaluation of affordability program policy options and includes lessons for the design of a national study from a proof-of-concept pilot study.

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