Flood Insurance Reform Act of 2004

• the NFIP insures approximately 4,400,000 policyholders;
• about 48,000 properties in the program have experienced, within a ten-year period, two or more flood losses where each loss is more than $1,000;
• about 10,000 repetitive-loss properties have experienced two or three losses that cumulatively exceed building value;
• these repetitive-loss properties cost the taxpayer about $200 million annually;
• about 1% of insured properties account for 25-30% of claims losses;
• the vast majority of repetitive-loss properties were built before the 1974 implementation of floodplain management standards created under the original program and thus are eligible for subsidized flood insurance.