National Flood Insurance Program (NFIP) Rationale 1
National Flood Insurance Program (NFIP) Rationale 1 :
"....while mortage lenders would rearely advance funds unless a standard 'all risk' (excluding flood) homeowner's polich were in effect, lenders historically were indefferent as to whether a mortgaged structure was insured against damage caused by flood. Finally, local governments tended not to incorporate flood risk or floodplain management into their zoning or land use planning ordinances and building codes". (Abbot, "Floods, Flood Insurance, Litigation, Politics - and Catastrophe...", 2008, p. 132)
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