National Flood Insurance Program

The National Association of REALTORS (NAR) needs your help to send messages to Members of Congress urging them to support a comprehensive reauthorization of the NFIP.  Reauthorization will make a number of critical improvements to the NFIP including increased funds for mitigation activities, caps on overall premium increases, improved claim and mapping processes, as well as removing hurdles for more private market participation in the flood insurance market.

Reauthorization of the NFIP will help over 5 million homeowners in 22,000 communities around the country, so it is critical Congress acts now.  If Congress fails to take action to reauthorize the NFIP, it will expire by September 30, 2017.

Click Here to Take Action and Ask for it to be Reauthorized.

Currently, the NFIP is responsible for writing and renewing flood insurance policies for more than 5 million home and business owners and there is also a small and growing private market of flood insurance companies.

In July 2012, President Obama signed into law the Biggert-Waters Flood Insurance Reform Act of 2012, reauthorizing the NFIP for 5 years, the program is scheduled to expire in September 2017.

The 2012 Authorization also included many reforms that included more accurate floodplain maps to help homeowners and home buyers to better assess the risks of flooding.  These maps also help lenders to determine when they need to require flood insurance for properties purchased with federally backed mortgages that are located in FEMA designated areas.

In March of 2014, President Obama then signed into the law the Homeowner Flood Insurance Affordability Act, which limits premium increases to 18 to 25 percent and adds an assessment on policies until the owners are paying full costs for flood insurance.

The whole point of the NFIP is that it is much cheaper to underwrite insurance that it is to have the goverment cover all the cost of flooding disasters.

Learn More from NAR and Reach out to Congress