NAR is urging Congress to support long-term reauthorization and reform of the National Flood Insurance Program (NFIP). Last month, senators Cory Booker (D-NJ) and Bill Cassidy (R-LA) requested public input on 46 questions covering NFIP reauthorization, mapping, mitigation, and other reforms. NAR submitted comments to the senators and the Senate Banking Committee, outlining several key recommendations.
NAR Recommendations:
- Long-term reauthorization: Multiyear extension for market stability.
- Modernized flood mapping: Accurate, property specific maps for better risk assessment.
- Risk mitigation: More federal assistance to help reduce risk and insurance costs.
- Private flood insurance: Accept private policies meeting NFIP continuous coverage requirements.
- Disclosure: Provide buyers with direct access to NFIP claims and other relevant property flood facts.
NAR emphasized the need to build on broad bipartisan efforts, such as the NFIP Reauthorization Act unanimously passed by the House Financial Services Committee in the 116th Congress. NAR believes pairing long-term reauthorization with these reforms has strong support across the aisle in both chambers.
Read NAR's letterpdf to senators Cory Booker (D-NJ) and Bill Cassidy (R-LA).
For more information, see the Senate Request for Information (RFI).