What does FIRM stand for?

What does FIRM stand for?

• A. Flood Insurance Rate Maps
• B. Flood Insurance Risk Maps
• C. Federal Insurance Rate Maps
• D. Flood Information and Rating Maps

Answer: (A)

Flood Insurance Rate Maps are the official FEMA maps used in the National Flood Insurance Program to show flood hazards, zones, and base flood elevations. They determine whether a property lies in a Special Flood Hazard Area and what kind of flood insurance is needed for federally related loans. The term “Rate” refers to how premiums are calculated based on the flood risk shown on the map, not to a general measure of danger. Lenders use the most current map version to assess flood risk and determine insurance requirements. Digital versions exist as Digital Flood Insurance Rate Maps (DFIRM). The other phrases aren’t the recognized title for these maps.

Flood Insurance Rate Maps are the official FEMA maps used in the National Flood Insurance Program to show flood hazards, zones, and base flood elevations. They determine whether a property lies in a Special Flood Hazard Area and what kind of flood insurance is needed for federally related loans. The term “Rate” refers to how premiums are calculated based on the flood risk shown on the map, not to a general measure of danger. Lenders use the most current map version to assess flood risk and determine insurance requirements. Digital versions exist as Digital Flood Insurance Rate Maps (DFIRM). The other phrases aren’t the recognized title for these maps.