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With NFIP Lapse on Horizon, MIA Issues Advisory

July 11, 2018
1:30 PM

While an extension or reauthorization of the National Flood Insurance Program (NFIP) is necessary by July 31 to avoid a lapse, the program may be caught in the Congressional crosshairs.

A short-term, six month extension of the NFIP was included in the Senate version of the Farm Bill (an unrelated piece of legislation that sets national agriculture, nutrition, conservation, and forestry policy), but not in the House’s version of the bill. Although House and Senate members are working out the bills’ differences in a conference committee, the contentious nature of the negotiations creates uncertainty that:

  1. The conference committee will finish its work before the July 31 expiration date of the NFIP
  2. An NFIP extension will make it into the final version of the bill

The last long-term NFIP extension was passed in 2012 as part of the Biggert Waters Flood Insurance Reform Act, which extended the NFIP through Sept. 30, 2017. Since then, the program has operated (with lapses) under a series of short-term extensions.

Given the very real possibility that the NFIP will lapse again at the end of this month, the Maryland Insurance Administration (MIA) this week released a consumer advisory to make Marylanders aware of their options to retain flood coverage and to encourage them to contact an insurance professional to make an informed decision.

Review the MIA consumer advisory