National Flood Insurance Program granted extension by U.S. Congress


According to the National Association of Insurance Commissioners floods are the most destructive natural disasters in the United States.  The National Flood Insurance Program (NFIP) was established in 1968 to help property owners with insurance coverage for the high cost of flood repairs for homes and other buildings.  “Flooding is the most common and costly natural disaster in the United States,” says Elizabeth Mendenhall – president of the National Association of Realtors. 

The NFIP is administered by the Federal Emergency Management Agency.  NFIP has been in debt since Hurricane Katrina flooded New Orleans in 2005.  Over 1,000 disputed claims are still on file since Hurricane Sandy flooded the New Jersey shore in October 2012.  In October 2017, NFIP reached its borrowing capacity of $30 billion in order to keep paying current claims to flood insurance policy holders.

“Put plainly, the N.F.I.P. is not designed to handle catastrophic losses like those caused by Harvey, Irma, and Maria,” says Mick Mulvaney, director of the White House Office of Management and Budget.

On July 25, 2018, the U.S. House of Representatives passed legislation to authorize the NFIP for another four months.  The Congressional legislation will authorize the program until November 30, 2018.  The NFIP is a critical program for people throughout the country.  The program is the only source of flood insurance for more than 5 million households nationwide. 

“The administration feels very strongly that there needs to be reform this year.  I believe strongly that we need to expand flood coverage in the United States, and the private insurers are part of that,” says Roy E. Wright, director of the NFIP.

For more information about the National Flood Insurance Program visit:

https://www.fema.gov/national-flood-insurance-program

https://www.housingwire.com/articles/46172-house-passes-extension-for-national-flood-insurance-program

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