Variance

{
  "id": "MLC-T-INS-000250",
  "term": "Variance",
  "field": "Insurance and risk management",
  "definition": "1. A grant of relief by a participating community from the terms of its floodplain management regulations.\n\n2. A grant of relief by a community from the terms of a floodplain management regulation. Because a variance can create an increased risk to life and property, variances from flood elevation or other requirements in the flood ordinance should be rare. Insurance premium rates are required by statute to be based on actuarial risk and will not be modified by the granting of a variance. Specific criteria for granting a variance is described in the supplemental information.\nFEMA may review a community's findings justifying the granting of variances, and if that review indicates a pattern inconsistent with the objectives of sound floodplain management, FEMA may take appropriate action up to and including suspending the community from the National Flood Insurance Program (NFIP).\nNational Flood Insurance Program Requirements\n• 59.1 - Definition\n• 59.22 (b) - Requirement to Remedy to the Maximum Extent Possible",
  "subject": "National Flood Insurance Program",
  "references": [
    "FloodSmart Flood Insurance Glossary",
    "FEMA Glossary"
  ],
  "url": "https://mlchart.com/terminology/insurance/variance/"
}