Flood insurance
Flooding is the most common natural disaster that occurs in the United States. In historically flood-prone regions, this can lead to increased risks for both buyer and lender. To help protect property owners against losses, the National Flood Insurance Program was founded in 1968 through the National Flood Insurance Act as an alternative insurance option for communities located in federally designated flood plains. For lenders, the Flood Disaster Protection Act of 1973, later reinforced by the 1994 Reform Act, required federally-regulated and federally-insured lenders to monitor and mandate flood coverage on properties throughout the entire term of the loan.
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