NFIP UPDATE 12/17/2019:
On December 17, 2019, the House passed a federal spending package for fiscal year 2020 that includes several high-priority items for REALTORS®: reauthorization of the National Flood Insurance Program through Sept. 30, 2020. The nine-month extension of the NFIP—which has operated on a string of short-term extensions and endured multiple lapses over the past two years—prevents the disruption of thousands of real estate transactions, 1,300 of which would be in jeopardy each day if the program were to expire, according to research from the National Association of REALTORS®. Still, remaining uncertainty about the future of the NFIP means lawmakers must use this time to work toward long-term reauthorization and reform, NAR says. The association supports the NFIP Reauthorization Act, which includes a five-year reauthorization of the program, along with reforms to improve flood mapping, enhance mitigation, and remove obstacles to private flood insurance. The bipartisan bill, which still has hurdles to clear in Congress, strikes a delicate balance between NFIP sustainability and affordability, NAR says. The association will continue to push lawmakers to find compromise on a longer-term reauthorization and reform package. Floods are not just a coastal issue: In fact, 98% of U.S. counties have had at least one federal disaster declaration since 1996, according to NAR data. Without reforms, the NFIP’s ability to continue providing critical protections to people across America is in doubt.
To learn more about protecting your property, preparing for a flood, information on flood insurance, and information for each community, view these documents in the links provided below:
Websites for Local Flood Plans and Information: