Private insurance companies and the federal government recognized that their association would improve the overall success of the program. Accordingly, insurance companies administer the program, but the federal government funds the insurance.
Voluntary flood insurance policies are not enforced until 30 days after purchase.
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Flood insurance is required by law for some high risk homes but only a minority of homes fall under this category. Congress passed some laws requiring that all federally-insured or regulated lenders, for instance mortgages backed by Fannie Mae or Freddie Mac require flood insurance to protect their investment in the property.
The physical effects of mold contamination, which range from irritating symptoms akin to seasonal allergies to death, continue to gain national recognition and scientific support. Click here to find out more about mold and how to ensure that your home and property are safe to live in.