Four-month NFIP Extension Passes
The U.S. House has passed disaster relief legislation that also includes an extension of the National Flood Insurance Program (NFIP) to September 30th. PIA National urges President Trump to sign H.R. 2157, the disaster relief bill with the NFIP extension into law.
“It is fortunate that we avoided a lapse in the flood insurance program, albeit again at the last minute,” said Jon Gentile, vice president of government relations for PIA National. “Last week’s political showmanship needlessly delayed funds for disaster-stricken areas and almost led to the NFIP lapsing at the beginning of hurricane season.”
The House originally passed H.R. 2157 on May 10th and it included the NFIP extension to September 30th. The Senate passed it on May 23, 2019 by a vote of 85-8 but with amendments (unrelated to the NFIP) which is why the House had to vote again June 3.
“This is the 12th short term extension of the NFIP since its original expiration date in September 2017,” Gentile said. “Passing the buck time and time again with short term extensions only produces uncertainty for consumers, the insurance industry and real estate markets. Congress must get serious and pass a long-term reauthorization that has a chance of passing both chambers, and that also recognizes the key role independent insurance agents play in delivering this important program to homeowners and business owners.”
“The time for endless delays is over. It’s time to act.”
UPDATE: There is a possibility the U.S. House Financial Services Committee may consider a legislative package to reauthorize the program long-term next week during a markup, using draft legislation released in March as a starting point.