GAO’s reports and testimonies give Congress, federal agencies, and the public timely, fact-based, non-partisan information that can improve government operations and save taxpayers billions of dollars.
What GAO Found The mandatory purchase requirement mandates flood insurance for certain high-risk properties and was established to increase the number of households with flood insurance. Lenders must verify that certain properties have flood insurance.
The size and scope of the devastation caused by the 2005 Gulf Coast hurricanes presents the nation with unprecedented rebuilding challenges. These storms destroyed wide swaths of housing, infrastructure, and businesses and displaced hundreds of thousands of people from their homes.
The size and scope of the devastation caused by the 2005 Gulf Coast hurricanes presents unprecedented rebuilding challenges. Today, more than a year and a half since the hurricanes made landfall, rebuilding efforts are at a critical turning point.
In the wake of Hurricane Isabel in 2003, GAO was mandated by the Flood Insurance Reform Act of 2004 to report on issues related to the National Flood Insurance Program (NFIP) and its oversight and management by the Federal Emergency Management Agency (FEMA).
According to the National Flood Insurance Program (NFIP), 90 percent of all natural disasters in the United States involve flooding. Because of the catastrophic and unpredictable nature of floods, private insurance companies do not typically cover flood losses.