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Flood Insurance Developments

January 14, 2016

On January 7, 2016, the House of Representatives held the first in a series of roundtables and hearings on the National Flood Insurance Program (NFIP). The program must be reauthorized before September 30, 2017 in order to keep selling flood insurance.

No legislation has been introduced. The purpose of these hearings was to begin soliciting ideas for how to restructure the NFIP with the goal of developing comprehensive reform legislation before the end of the year.

NAR was ably represented at the first of these meetings, focused on flood mapping, by NAR Insurance Committee Chair Maria Wells. She urged Congress to improve the accuracy of the flood maps so fewer property owners have to bear the cost of an appeal.

NAR also submitted two letters for the other hearings, one laying out NAR member priorities for long-term NFIP reauthorization/reform, and one regarding private market flood insurance.

Read NAR’s letter on NFIP reauthorization and private market reforms

Read NAR’s letter on private market flood insurance