The objectives of these flood mitigation standards are:

(1) To protect the people and the property of the state from unnecessary loss due to flood;

(2) To restore and preserve the natural and beneficial values served by flood plains;

(3) To minimize the impact of state development on wet lands and known flood plains;

(4) To comply with chapter 86.16 RCW, Flood plain management, in which the state of Washington has adopted the National Flood Insurance Program regulations of the Federal Emergency Management Agency for flood plain management. The participation of the state in this program allows flood insurance to be sold to both the private and public sector, and satisfies some of the conditions necessary for the state to be self-insured for flood coverage, under the National Flood Insurance Program;

(5) To comply with the requirements of the National Flood Insurance Program, thereby permitting state agencies to be eligible for federal financial assistance, including disaster relief funds for the replacement, permanent repair, or reconstruction of insurable state-owned properties damaged by the flood; and

(6) To ensure that the state of Washington and its agencies are eligible to obtain flood insurance, or to be approved for self-insurance by the Federal Insurance Administrator under the National Flood Insurance Program.