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Congress Passes Short-term Flood Extension

On July 31, 2018, the U.S. Senate passed S. 1182,  the “National Flood Insurance Program Extension Act of 2018,” by a vote of 86-12. Once signed into law, S. 1182 will extend the National Flood Insurance Program (NFIP) through November 30, 2018. While we firmly believe long-term reauthorization is necessary to ensuring the security of millions of properties in the U.S., we thank the Members of Congress for preventing the program from lapsing.

What is the NFIP?
The NFIP is a partnership between federal, state and local governments helping to mitigate flood risk by providing affordable flood insurance to 5.6 million families and businesses. The NFIP provides 90 percent of all flood insurance nationwide and close to 100 percent for individually owned residential and small-to-mid-sized commercial properties.

IREM will continue to monitor the issue and to advocate with our coalition partners on a long-term reform and reauthorization bill for NFIP.
Provisions in a long-term reform bill should include:

  • Reauthorize NFIP for at least five years
  • Increase affordability through annual rate caps and lower surcharges
  • Direct FEMA to develop more granular rate tables that better align rates with actual risk
  • Fund loans and grants to help mitigate flood risk
  • Increase access to private market flood insurance

Please feel free to contact the IREM Government Affairs Department with any questions or concerns.

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