NFIP lapse on the horizon
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:
- The conference committee will finish its work before the July 31 expiration date of the NFIP
- 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.
BIG "I" GRASSROOTS EFFORT
Our national government affairs team at the Big "I" continues to meet with U.S. Senators and Congressmen about the need for timely NFIP reauthorization. In addition, the Big "I" will launch a grassroots action campaign early next week, encouraging member agents to contact their legislators. Watch for direct communication from the Big "I" in the days ahead.