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National Flood Insurance Program (NFIP) Re-authorization
Amy Fennell • Jul 24, 2017
The National Flood Insurance Program (NFIP)
is set to expire on September 30th without Congressional action. NAR estimates that past lapses of the NFIP have delayed or cancelled 1,400 transactions a day. NFIP was created in 1968, and has about 5 million active policies in existence in all 50 states and over 21,0000 communities. Louisiana has the third most policies active with over 450,000 properties covered following Florida with around 1.8 million policies and Texas with just over 600,000 policies in force. The program presently is in debt to the United States treasury by approximately $25 Billion. This certainly creates a concern for the sustainability of the program.
During the past month, there has been a lot of activity on Capitol Hill. NAR has been actively engaged in trying to shape various pieces of legislation in accordance with NARs flood insurance policy principles.
Louisiana has been very well represented by the Congressional delegation along with broker David McKey of Coldwell Banker One in Baton Rouge who currently serves as the Chair of the NAR Insurance Committee. His committee along with NAR staff have been rallying the key people in Washington toward the program's re-authorization. View the following video for a great recap of where we stand and what will be happening as we near the re-authorization deadline.
Last week, NAR President Kevin Sears checked in from the NAR Broker Summit, where he learned new tools to strengthen his business alongside several hundred fellow brokers. Next stop, Washington, DC for the REALTORS® Legislative Meetings, where we’ll show Congress our grassroots strength in action. We encourage you to watch Kevin’s video here to learn more about what NAR is advocating for this year at RLM. As always, the overarching theme is increasing access to homeownership. This video is also in the video section of our website. Stay tuned for Kevin’s next update.
Update from Katie Johnson, NAR Chief Legal Officer and Chief Member Experience Officer
Bill Tracking Report as of 4/19/2024
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