Government Shutdown Ends - Flood Insurance Program Opens Again

On Monday, the Senate reached a deal to pass a Continuing Resolution (CR) to keep the government funded until February 8. The government was shut down for three days, which affected many federal government offices and programs, including the National Flood Insurance Program (NFIP).

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.

The reopening of the government means NFIP will be able to issue new or renew existing flood insurance policies. However, since NFIP is attached to the current CR, if Congress again fails to pass a long-term spending plan by February 8, the program will be put in jeopardy once more.

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
  • 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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