House votes to extend National Flood Insurance Program – again
Congress must periodically renew the NFIP’s statutory authority to operate. On Dec. 21, 2018, the President signed legislation passed by Congress that extended the National Flood Insurance Program’s (NFIP’s) authorization to May 31, 2019.
This week the House of Representatives passed a Bill to extend the NFIP until September 30. The House also passed a broader disaster relief package last week that also would have extended the NFIP, “a package that is not expected to see action in the upper chamber” according to The Hill.
The Senate signaled Tuesday that it is closing in on a deal on disaster relief, but it remains unclear whether it will include an extension of the NFIP.
Congress has approved 10 short-term extensions of the NFIP since its last multiyear authorization expired in 2017.
On its website FEMA says: “NFIP reauthorization is an opportunity for Congress to take bold steps to reduce the complexity of the program and strengthen the NFIP’s financial framework so that the program can continue helping individuals and communities take the critical step of securing flood insurance. The level of damage from the 2017 hurricanes makes it clear that FEMA needs a holistic plan to ready the Nation for managing the cost of catastrophic flooding under the NFIP.”
As the 10 – about to be 11 – extensions of the NFIP since 2017 indicate, expecting this Congress to reach bipartisan agreement on a long-term solution to flood insurance would be taking optimism to a new high.
Market Analyst | Team Harborside | teamharborside.com
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