Which types of flood insurance are available under NFIP?

The correct answer is "Emergency and Regular" because the National Flood Insurance Program (NFIP) categorizes its flood insurance offerings into these two distinct types.

Emergency flood insurance is available to communities that have applied for but not yet adopted a floodplain management ordinance, allowing them to provide some level of coverage during the transition period. This emergency policy offers limited coverage options at lower costs and is intended as a stopgap measure while communities work towards obtaining full floodplain management compliance.

On the other hand, Regular flood insurance becomes available once a community has adopted and enacted its floodplain management standards. This type of policy offers more comprehensive coverage levels and terms, including greater limits for both building and contents coverage.

Understanding the distinction between these types is crucial for anyone involved in insurance or real estate, particularly when helping clients navigate flood insurance options in flood-prone areas.