Next Deadline March 23 for NFIP
With the federal authorization of the National Flood Insurance Program (NFIP) set to lapse shortly, there has been little sign of action in Congress. The program is on its fifth temporary extension, which expires March 23. The NFIP originally expired on September 30, 2017, after its 5-year authorization ended. It was then extended until December 8th, then again until December 22nd, then extended again until January 19, again until February 8, then to March 23.
If Congress does not act by the March 23 deadline, the program will lapse. Fiscal hawks, led by House Financial Services Chairman Jeb Hensarling (R-TX), have proposed raising premiums for homeowners currently paying below-risk “grandfathered” rates and removing some homes from the program. But that idea has not gone over well with a bipartisan collection of lawmakers who worry what those changes would do to homeowners who depend on the NFIP.
“I'm disappointed, bitterly disappointed, about the lack of enthusiasm about moving it to the top of the list” of priorities in Congress, said Sen. John Kennedy (R-Louisiana), a member of the Senate Banking Committee, which has authority over the NFIP program. “PIA will continue our advocacy for a long-term reauthorization of the program that recognizes the essential role independent agents play in providing expert advice to consumers,” said PIA National Vice President of Government Relations Jon Gentile