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ON THE HORIZON... RE-AUTHORIZATION OF THE NATIONAL FLOOD INSURANCE PROGRAM

 The National Flood Insurance Program (NFIP) is up for reauthorization on September 30th, 2017.

 

The House Financial Services Committee approved seven bills, which are expected to be combined into one; the combined bill currently awaits consideration by the full House of Representatives.

 

 While the bill does include a 5-year reauthorization and private market reforms including the “Flood Insurance Market Parity and Modernization Act” (H.R 1422) to reduce barriers to private flood insurance, it is concerning that the bill would:

 

End all Grandfathering after 4 years, Learn more about Grandfathering

Not provide for accurate property level flood mapping; the burden would remain on the property owner to prove the maps are wrong; and

Fails to provide an analysis of the total cost of flood insurance due to multiple new fee and policy provisions within the bill.

 

 This causes buyer uncertainty, the uncertainty of flood risk, and the uncertainty of cost & coverage of flood insurance. This translates to uncertain homeownership rates for areas within the floodplain and beyond. 

We want to create a vibrant strong National Flood Insurance Program while additionally providing a robust private insurance market to lower cost alternatives.

The goal is for property owners to obtain the maximum amount of flood insurance coverage at the lowest cost.

View the most up to date Talking Points from NAR

View the complete legislative analysis from NAR

View the Flood Insurance Webinar

View the NFIP Toolkit

View Summary 

 Watch this video which demonstrates the importance of maintaining the National Flood Insurance Program

 

 

 

 FLOODING IS THE NUMBER ONE NATURAL DISASTER IN THE UNITED STATES. FLOODS HAVE IMPACTED EVERY STATE IN THE COUNTRY AND CAUSED SIGNIFICANT LOSS OF LIFE AND HUNDREDS OF BILLIONS OF DOLLARS IN PROPERTY DAMAGE.


I PLEDGE TO BE PREPARED IN THE EVENT OF A FLOOD BY
• Learning about the risk of flooding in my neighborhood
• Creating and sharing an emergency plan for myself and my family in the event of a flood
• Educating myself on what to do if a flood occurs
• Educating myself on what to do after a flood
• Staying informed about the status of Hawaii's eligibility to be covered by the National Flood Insurance Program

 SIGN THE PLEDGE 

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