Flood Insurance: Reauthorization
President Trump signed legislation to extend funding for the National Flood Insurance Program through March 23rd, 2018.
Full details provide by FEMA.
“Congress must periodically renew the NFIP’s statutory authority to operate. On February 9, 2018, the President signed legislation passed by both houses of Congress that extends the National Flood Insurance Program’s (NFIP’s) authorization to March 23, 2018.
Congress must now reauthorize the NFIP by no later than 11:59 pm on March 23, 2018.
FEMA and Congress have never failed to honor the flood insurance contracts in place with NFIP policyholders. In the unlikely event the NFIP’s authorization lapses, FEMA would still have authority to ensure the payment of valid claims with available funds. However, FEMA would stop selling and renewing policies for millions of properties in communities across the nation. Nationwide, the National Association of Realtors estimates that a lapse might impact approximately 40,000 home sale closings per month.
As affected communities recover from the devastating impacts of the 2017 hurricanes, a timely, multi-year reauthorization is critical for insured survivors and businesses. Policyholders need confidence not only that FEMA can pay flood insurance claims, but also that the NFIP will be able to sell and renew policies to help them protect against future flooding. Flood insurance – whether purchased from the NFIP or through private carriers – is the best way for Americans to financially protect themselves from losses caused by floods.”
Article taken from FEMA.gov – National Flood Insurance Program: Reauthorization