Washington Report

Advocacy Updates from Washington D.C.

NAR Comments on NFIP Reform Principles

This week, NAR formally weighed in with the House Financial Services Committee on principles released late last year for the reform of the National Flood Insurance Program (NFIP). The NFIP is up for reauthorization on Sept. 30 of this year, and NAR is encouraged that this is an early priority for the Committee. While many of the principles align with NAR’s call for enhanced flood mapping, mitigation flexibility and private market options in addition to the NFIP, the principles are very broad and do not include detailed legislative proposals. In its letter, NAR requests clarification on several aspects including the length of the reauthorization the Committee will seek as well as the structure and cost of the new reinsurance mandate and the proposed NFIP phaseout for high value properties.

House NFIP Principles

NAR’s letter including the questions