The House of Representatives passed the National Flood Insurance Reform Act this week, which will re-authorize the National Flood Insurance Program (NFIP). After years of debates from lawmakers on how to handle the program, the House surprised many by passing the bill easily.
The House passed HR 1309 with a 406-22 vote this week. Lawmakers were highly supportive of the bill that re-authorizes the NFIP.
Insurance companies hoping to gain access to over 800,000 free-agent flood insurance policies are fighting on Capitol Hill this week.
Purchasing new “market-based” flood insurance policies will not be a mandate for homeowners in new flood zones if two Democratic senators are able to pass legislation in the midst of the lame-duck session. Many homeowners have been placed into a new flood zone that would require them to pay for flood insurance, but the senators hope to stall this from occurring until the flood zone maps can be reviewed.
Democratic Sens. Charles Schumer (D-NY) and Richard Durbin (D-Ill.) are trying to push legislation that will give homeowners affected by new flood maps in districts like Long Island, NY and East St. Lou
Homeowners holding flood insurance policies must be celebrating nationwide with the news that the National Flood Insurance Program was extended for one year. After months of expirations and short-term extensions, the U.S. Senate finally caved to pressure from insurers and gave the program a long-term extension.
After a series of one- to three-month extensions of the National Flood Insurance Program, some of which actually being allowed to expire for days or weeks at a time, the U.S.
A number of private insurance companies are reconsidering participation in the National Flood Insurance Program (NFIP) after a Congressional stall and massive losses. The future of the NFIP has been in question for some time as Congress looks at ways to provide flood insurance to individuals in need. However, after suffering through months of ups and downs in the insurance sector, some insurers think the best solution is to pull out.
The National Flood Insurance Program has been going through a series of changes for some time that has left it in a semi-fragile state.