House Begins Flood Insurance Markup
On June 15, 2017, the House Financial Services Committee began consideration of a series of bills to reform and reauthorize the National Flood Insurance Program (NFIP). The Committee is expected to vote on these bills and then combine them into one package for consideration by the full House.
On the first day of the mark up, the Committee approved two of the seven bills:
- The NFIP Policyholder Protection Act, which caps NFIP rates and passed unanimously (53-0); and
- The 21st Century Reform Act, which includes a 5-year reauthorization of the NFIP, and $1 billion to assist property owners with mitigating or reducing their flood risk. However, the bill would also end grandfathering after 4 years and does not go far enough to provide accurate flood mapping; the bill passed 30-26.
NAR supported the first bill and opposed the second. The remaining 5 bills, also supported by NAR, will be marked up next Wednesday, June 21. NAR highlighted the provisions we support and oppose in a recent letter to the Committee.
Read NAR’s letter