U.S. Senator Bob Menendez, chair of the Sandy Task Force and a senior member of the Senate Banking Committee that oversees the National Flood Insurance Program (NFIP), today unveiled new, comprehensive and bipartisan legislation to extend the NFIP for five years while instituting a series of sweeping reforms to address the waste, abuse and mismanagement…
Adequate flood protection is vital to the resiliency of communities across America. Home and business owners must have access to quality flood insurance coverage at affordable rates to recover more quickly and completely following a flood event.
Despite increased flooding nationwide, the National Flood Insurance Program (NFIP) has been shrinking. In 2009, there were a record 5.7 million NFIP policies in force. By 2017, there were just over 5.1 million NFIP policies in force, a decrease of approximately 10%1.
According to FEMA, in May 2018, 69% of the residential properties in Special Flood Hazard Areas (SFHA) did not have a NFIP policy. Outside of the SFHAs, 98% of residential properties did not have a NFIP policy. In total, 96.2% of residential properties in the U.S. do not have federal flood insurance. While the private flood insurance market is growing to alleviate additional flood risk exposure, the cumulative coverage levels are profoundly insufficient.