Trade Groups Urge Reauthorization of Flood Insurance Program
With the November 30, 2018 expiration date for the National Flood Insurance Program (Program) looming, industry trade groups sent a letter to Congressional leaders urging Congress to extend the Program.
The Program was set to expire on July 31, 2018 and Congress voted on that date to extend the Program until November 30, 2018. Basically Congress kicked the can down the road until after the midterm elections.
As noted by the trade groups in their letter “Congress has yet to pass a long-term extension of the NFIP, as debate continues regarding options for reforming the program. This has already resulted in a series of seven stop-gap extensions and two brief lapses in 2017 and 2018. The NFIP is currently the main source of flood insurance in the United States, and Americans deserve certainty and stability in the flood insurance marketplace to be able to protect their homes and loved ones.”
A long-term, sensible reform of the Program is long overdue. The continued kicking of the can down the road by Congress through temporary extensions of the Program is not good policy for communities at risk or taxpayers.