House Releases Flood Insurance Bill

On May 25, 2017, the House Financial Services Committee released portions of draft legislation to reauthorize and reform the National Flood Insurance Program (NFIP). The program is up for reauthorization on September 30.

The committee has released six sections spanning 161 pages, addressing NFIP affordability, flood mapping, mitigation incentives, taxpayer protections, claims process, and private flood insurance. The release of the discussion drafts comes in advance of an expected legislative hearing and markup expected in early June. NAR staff is currently reviewing the bill text for consistency with NAR policy and will work with NAR’s Insurance Committee to formulate an official NAR position before a committee markup.

For a summary of each section, please click on these links:

• NFIP Affordability
• Private Market
• Flood Mapping
• Claims Process
• Taxpayer Protection
• Mitigation