Long-Term NFIP Extension Introduced in Congress

Jun 12, 2019 | eNews

Congresswoman Maxine Waters, Chair of the House Financial Services Committee, has introduced a bill that would extend the National Flood Insurance Program (NFIP) for five years. The bill would put an end to the cycle of short-term extensions that the program has been operating under since its last lengthy authorization expired in September 2017.

The program was most recently reauthorized on June 4, 2019, and now runs through September 30, 2019. Waters’s proposed legislation, the National Flood Insurance Program Reauthorization Act of 2019, would extend the program through September 30, 2024.

Under the resolution, national flood mapping efforts would be expanded, and increased funding would be allocated for a five-year pre-disaster hazard mitigation program. The bill also benefits low-income policyholders by creating discounts and repealing mandated surcharges put in place by the Homeowner Flood Insurance Affordability Act of 2014. Additionally, policyholders who choose to leave the NFIP in favor of private coverage will not be penalized if they decide to return to the program.

The House Financial Services Committee discussed the bill on June 11, 2019. Further discussion is expected before a vote is taken in committee.