On June 10, 2019, the House Financial Services Committee passed H.R. 3167, the National Flood Insurance Program (NFIP) Reauthorization Act of 2019, extending the NFIP for 5 years. The bill will need to now be considered by the House Subcommittee on Economic Development, Public Buildings and Emergency Management. The bill includes the below reforms to the program.
- Authorizing monthly payments for policyholders
- A revolving loan fund for mitigation efforts
- Making improvements to flood mapping ($500 million over 5 years)
- Allowing appeals for inaccurate maps
- Allow local variances in flood proofing
- A 3rdparty report on the NFIP’s financial status
- Raising the loan amount for the Mandatory Purchase requirement from $5,000 to $25,000
- Allow policyholders who left the NFIP for private insurers to return to the NFIP with no penalty
The bill will need to now be considered by the House Subcommittee on Economic Development, Public Buildings and Emergency Management.
Learn more below:
The National Flood Insurance Program Reauthorization Act of 2019
Waters Introduces Legislation to Reform NFIP