The federal flood insurance program is broken and the repairs will be costly

Federal Flood Insurance - US Congress

NFIP is now fifty years old but the program has not undergone a healthy aging process. The subsidized federal flood insurance program is half a century old and is in dire need of fixes – or potentially a complete overhaul – that will, unfortunately, be unavoidably expensive. The National Flood Insurance Program (NFIP) has become increasingly costly and unsustainable. Federal flood insurance faced its second highest ever claim year in 2017. Hurricanes Florence, Harvey ad Michael placed the spotlight back onto the NFIP’s fundamental flaws. Insurance industry models show a…

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National Flood Insurance Program Expires in Under 2 Weeks

National Flood Insurance Program - Hourglass - Time

The last day for the program will be July 31st unless Congress changes or renews it. The National Flood Insurance Program (NFIP), which covers five million homes against the risk of flooding, is about to expire. In fact, in under two weeks, on July 31, the program will come to an end unless Congress acts to extend it. Congress could renew it as-is or could attempt to agree to change it, but they’re running out of time. If the National Flood Insurance Program is not renewed, those with coverage will…

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FEMA moves forward with its own flood insurance changes

Flood Insurance Changes - Boots underwater

The Federal Emergency Management Agency has decided to take NFIP tweaks into its own hands. The Federal Emergency Management Agency revealed its intentions to make a number of flood insurance changes. The National Flood Insurance Program (NFIP) is facing massive and rising debt levels. There are many flaws in the program causing it to become unnecessarily expensive. Therefore, FEMA decided to help make changes to bring significant funding back to NFIP. The idea behind the latest flood insurance changes is to draw more private funds into the government-led coverage market.…

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House Republicans pass flood insurance bill to overhaul NFIP

flood insurance bill

Bipartisan opposition was overcome and the bill was passed to continue helping policyholders at risk of flooding. A controversial flood insurance bill has been passed in the House as Republicans overcame bipartisan opposition. This legislation will both reauthorize and overhaul the National Flood Insurance Program (NFIP). The program is currently facing considerable strain following a highly active hurricane season. NFIP was forced to pay billions of dollars to policyholders this year after several hurricanes made landfall in the United States. The House passed the flood insurance bill in a vote…

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SmarterSafer coalition calls for U.S. flood insurance reform, facing December deadline

Flood Insurance Extension - Flooding

Recent efforts to overhaul NFIP has reached a struggling point, but one business group wants to push ahead. The latest shot at American flood insurance reform has come across a serious obstacle in its attempts to move ahead. However, a business and environmental groups coalition has strengthened its call for an overhaul to the National Flood Insurance Program (NFIP). They’re pushing for lawmakers to make much needed changes to the program before its December expiry. The flood insurance reforms need to be made before December 8, 2017 if they are…

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John Oliver describes Flood Insurance Program failures via talking seagull

John Oliver Last Week Tonight Flood Insurance Program

As hurricanes and flooding becomes increasingly problematic Oliver brought NFIP into the spotlight. The most recent episode of HBO’s Last Week Tonight with John Oliver focused on the National Flood Insurance Program (NFIP), and its current widespread failings. This episode arrived at a time in which the issue is exceptionally relevant but isn’t necessarily in the public’s eye. NFIP is struggling from all sides and is in dire need of reform at the same time that floods plague the country. “Floods were everywhere this summer,” explained Oliver. Although they may…

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Mar-A-Lago carries NFIP flood insurance protection

Mar-a-Lago NFIP

At the same time that the federal program faces an uncertain future, the president’s Florida estate is covered by it. Mar-A-Lago, Donald Trump’s Palm Beach, Florida estate and club, has a flood insurance policy through NFIP. The National Flood Insurance Program is the controversial program selling coverage to policies traditionally refused by private insurers due to high risk. The Mar-A-Lago mansion and other buildings were shuttered and empty following a mandatory evacuation order. Should President Donald Trump’s estate have suffered flood damage from Hurricane Irma, it is covered by NFIP.…

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