This week, the National Flood Insurance Program (NFIP) extension was authorized for another four months by the U.S. House of Representatives. Housing groups are currently pushing the U.S. Senate to pass the bill before the current deadline of July 31, 2018.
National Association of Realtors president Elizabeth Mendenhall says, “Flooding is the most common and costly natural disaster in the United States ... Without an extension, the NFIP cannot write or renew flood insurance in 22,000 communities nationwide.” Mendenhall emphasized the greater need for a long-term solution, as the current reauthorizations only function as short-term fixes, HousingWire reports.
SmarterSafer, a national coalition of environmental groups, taxpayer advocates, housing organizations and more offered policy recommendations to Congress including improved and updated flood-risk mapping techniques, transparency and easy access to flood-risk data for all consumers.
The NFIP was established in 1968, and authorization for the program is administered by Federal Emergency Management Agency. According to FEMA’s website, “The National Flood Insurance Program aims to reduce the impact of flooding on private and public structures. It does so by providing affordable insurance to property owners and by encouraging communities to adopt and enforce floodplain management regulations.”