Congress created the National Flood Insurance Program (NFIP) in 1968 to reduce future flood damage through floodplain management, and to provide people with flood insurance through individual agents and insurance companies. The Federal Emergency Management Agency (FEMA) manages the NFIP.
Some things to know are if you are buying a residential property and obtaining a mortgage if you are in a flood zone your bank will require flood insurance. While you obtain flood insurance through insurance agents the prices are set and are the same agent to agent.
As required by Congress, this document was prepared by the NFIP to help flood insurance policyholders understand their policy.
Full PDF from FEMA, NFIP Summary of Flood Insurance Coverage