The National Flood Insurance Program – Everything you need to know
From Insurance Business:
R.J. Lehmann, The R Street Institute’s director of finance, insurance and trade policy, said in July 2018 (after the current law’s seventh reauthorization): “The NFIP is unsustainable as currently constructed and Congress cannot continue to ignore its problems. Even after Congress moved in 2017 to erase $16 billion of the agency’s debt, it still owes taxpayers roughly $20.5 billion. The Congressional Budget Office projects it will lose an average of $1.4 billion every year.”
“Over the past 20 years, the NFIP has come up for reauthorization 41 times [now 44 times] and 38 times Congress has moved to extend it without adopting any needed reforms. That cycle must end. There are simple, common sense, bipartisan proposals to fix the issues that ail it: from encouraging the market for private coverage to investing in mapping and mitigation, to addressing repetitive loss properties. We cannot afford any more delays. The time for action is now.”
