On June 12, 2019, by a unanimous vote of 59 to 0, the House Financial Services Committee approved HR 3167: the National Flood Insurance Program (NFIP) Reauthorization Act, sending the bill to the U.S. House of Representatives for consideration.
The NFIP Reauthorization Act would extend the program for five years and include significant reforms to strengthen flood mapping, enhance mitigation investments and remove several barriers to private flood insurance options. It easily cleared the first hurdle of the legislative process because it was the product of extensive, bipartisan negotiations between Chairwoman Maxine Waters (D-CA) and Ranking Member Patrick McHenry (R-NC).
NAR supported committee passage because the bill represents a long-term solution to NFIP and a breakthrough of the two-year deadlock that has resulted in 12 short-term extensions and two brief lapses so far. The bill is not only a sensible, bipartisan pathway forward, but also includes numerous NAR-championed provisions and is consistent with long-standing NAR policy principles.
Next, the House of Representatives must vote on the measure but the timing is not yet clear. NAR will urge the House to take up the NFIP Reauthorization Act at the first available opportunity and move the bill to the United States Senate. Currently, NFIP’s flood-insurance-writing authority is next set to expire on September 30, 2019.