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Flood Program Reauthorized Through September 30; House Passes New Reform Bill
On July 2, President Obama signed into law H.R. 5569, an extension of the National Flood Insurance Program (NFIP) through September 30, 2010. The bill also extends the program retroactively from May 31, 2010, when the program last expired.
Meanwhile, Congress is working on a separate long-term extension for the NFIP. On July 15, the U.S. House of Representatives passed H.R. 5114, the “Flood Insurance Reform and Priorities Act of 2010”, sponsored by Representative Maxine Waters (D-Ca.) that would extend the NFIP through 2015. PCI supports this legislation as it takes a responsible approach to making the flood program more financially stable, providing the program with an important five year extension and limiting additional federal exposure to natural disasters.
Since 2008, the NFIP has been haphazardly patched with a series of short-term extensions. The program has frequently been allowed to lapse between extensions,
preventing access to flood insurance, delaying tens of thousands of real estate closings and creating uncertainty for homeowners and businesses. PCI urges Congress to enact a viable, long-term solution for the flood insurance program, not quick fixes.
The NFIP provides 5.5 million Americans with vital protection from devastating floods associated with hurricanes, tropical storms, heavy rains and other conditions that impact the U.S. Floods are the most common natural disasters to occur in the United States Standard homeowners insurance does not cover flooding and must be purchased through the NFIP.
Learn more about the issue:
PCI News Releases
PCI Applauds House Passage of Flood Insurance Bill | July 15, 2010
Flood Insurance Program Wins Short-term Extension in Congress; PCI Urges Sustainable Solution
NFIP Set to Expire at Start of Hurricane Season; Third Program Lapse in 2010
PCI Applauds House Committee Passage of Waters NFIP Bill
Congress Reauthorizes NFIP; Uncertainty Still Looms Over Program
NFIP Expires, Homeowners Left Vulnerable
Flood Program Expired, Then Extended; Long-Term Solution Needed
NFIP Extended; PCI Calls for Meaningful Reforms in 2010
News Coverage
What does the latest lapse of NFIP mean for consumers? (American Agent & Broker Magazine)
PCI Resources
NFIP Fact Sheet
Mark Davey Testifies for Long-Term Solutions for NFIP
Reforming the National Flood Insurance Program
Industry Letter to Congress - September 16, 2008
Misplaced Impetus to Add Wind Coverage to NFIP
Other Resources
What is NFIP?
Flood Smart
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