On Thursday, December 2, 2021, Congress passed a continuing resolution (CR) to fund the federal government and authorize the National Flood Insurance Program (NFIP) through February 18, 2022. Both funding and the NFIP had been set to expire on December 3, 2021. The NFIP had previously been authorized through December 3, 2021, in a similar…
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.