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National Flood Insurance Program (NFIP) is the main flood insurance provider in the U.S., accounting for the vast majority of residential flood policies nationwide. [1] The policies are written and backed by the Federal Emergency Management Agency (FEMA) but sold by private insurance companies.
The NFIP was established by the federal government in the late 1960s to provide flood insurance and establish floodplain standards in communities across the country. Around 90% of residential flood insurance in the U.S. is provided by the NFIP.
Policies are primarily sold through its Write Your Own (WYO) program to residents who live in an NFIP-participating community. The WYO program basically allows private insurance companies to write and service government flood insurance using their own name and branding. In fact, you can generally purchase NFIP coverage from your home insurance provider.
FEMA flood insurance includes two types of coverage with their own separate out-of-pocket deductible.
Until recently, if you had a federally backed mortgage and you lived in a high-risk flood zone, your mortgage company could require you to buy flood insurance exclusively through the NFIP. But as of July 1, 2019, lenders are required to accept private flood insurance as long as the policy includes at least the same quality coverage as the NFIP option.