Federal Flood Legislation

FAIR Supports a Comprehensive Approach to Flood Insurance

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.

US Legislation

This extreme uninsured and underinsured risk is a threat that can only be effectively addressed through a combination of a healthy NFIP and a robust private flood insurance market.

The NFIP is in line for its thirteenth temporary extension in two years to keep the program authorized in the short-term. The next step is to tackle much-needed reforms that will make the program more sustainable and keep coverage affordable.

FAIR supports full, long-term reauthorization of the NFIP and public policy improvements necessary to both encourage growth in the private flood insurance market and protect consumers.

1 FEMA Total Policies in Force by Calendar Year (https://www.fema.gov/total-policies-force-calendar-year)

Federal Flood Legislative Updates

President Trump Signs Legislation Passed by Congress Extending the NFIP’s Authorization to September 30, 2019

On June 6, 2019, President Trump signed legislation passed by Congress that extends the National Flood Insurance Program’s (NFIP’s) authorization to September 30, 2019.   Congress must now reauthorize the NFIP by no later than 11:59 pm on September 30, 2019.   Learn more below: FEMA: National Flood Insurance Program: Reauthorization  

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