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NFIP Renewal Put Off Again — July the Next Deadline

Posted By Administration, Tuesday, March 27, 2018

The National Flood Insurance Program (NFIP) has been extended to July 31st. The extension is part of the $1.3 trillion federal spending bill passed last week.

PIA National said it is pleased with the latest in temporary extensions of the program since it expired last year on September 30th but wishes Congress would get going and permanently extend the NFIP.

The association — says PIA National Vice President of Government Relations Jon Gentile — is also concerned about the separation of the NFIP from the 2018 omnibus appropriations bill.

“In the absence of a must-pass legislative vehicle to which it can be attached, the program will now be in danger of expiring for an extended period during hurricane season, putting millions of flood insurance policyholders at risk. In the wake of the devastating 2017 hurricanes, Congress should take no chances with the homes and businesses of policyholders,” Gentile said.

PIA is not alone in wanting something more permanent. The National Realtors Association is just one of a dozen or more organizations wanting Congress to stop making temporary extensions and get the job done.

“This avoids another lapse and provides several more months for the Senate to act on the five-year reauthorization and reform legislation adopted by the House last November,” the realtor group said in a news release.

The realtors did like two things in the spending bill related to the flood program.

  It doubles federal spending on the creation of flood risk maps from $177 million to $263 million

  That’s a 150% increase over what the Trump administration asked for in the bill

  The bill also maintains the $175 million the administration wants for flood-proofing and elevating homes and for other flood prevention efforts


Source links: PIA National, HoumaToday.com

Tags:  Insurance Content  Insurance Industry  Insurance News  NFIP Renewal Put Off Again — July the Next Deadlin  Weekly Industry News 

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