TeachMeFinance.com - explain National Flood Insurance Reform Act (NFIRA)
National Flood Insurance Reform Act (NFIRA) The term 'National Flood Insurance Reform Act (NFIRA)' as it applies to the area of flooding can be defined as 'The purpose of the National Flood Insurance Reform Act of 1994 is to improve the financial condition of the NFIP and reduce federal expenditures for disaster assistance to flood-damaged properties. The act affects every part of NFIP, insurance, mapping and floodplain management. NFIRA also gives lenders tools with which to enforce requirements for flood insurance coverage mandated under the Flood Disaster Protection Act of 1973'.
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