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NFIP flood insurance policies that are not issued in conjunction with the making, increasing, extending or renewing of a loan have a 30-day waiting period.
Flood insurance is not tax-deductible on your personal return, just like home, auto and other forms of insurance are not tax-deductible.
The National Flood Insurance Program provides insurance to help reduce the socio-economic impact of floods. The National Flood Insurance Program (NFIP) is managed by the FEMA and is delivered to the public by a network of more than 50 insurance companies and the NFIP Direct.
Federal flood insurance is available for residents and business owners in both high-risk and moderate-to-low risk areas. The insurance is required for buildings in high-risk areas that have loans from federally regulated or insured lenders.
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