Flood Insurance Updates
WHY YOUR CHAMBER IS WATCHING:
The National Flood Insurance Program (NFIP) is set to expire September 30, 2017 if it is not reauthorized by congress. The NFIP not only provides flood insurance policies throughout the country, but is also responsible for flood plain mapping, mitigation resources and many other risk assessment tools.
There is a wide range of support for a long term reauthorization of the program, but with responsible solutions that will reform the current program. The program currently is $23 billion in debt and is the only insurer accepted by federally backed lending institutions.
Steps need to be taken to encourage a robust private market allowing consumers more choices. Accessibility to mitigation resources and proper mapping of all flood plains throughout the country are encouraged to ease the overall burden on property owners. The overall goals with the reauthorization is to continue to provide accessibility and affordability to property owners who live in a flood plain while creating a robust system which encourages collaboration and an even playing field between private and public sector flood insurance options.