The problems facing the National Flood Insurance Program (NFIP) remain unresolved and its latest expiration date – May 31 – is quickly approaching. Forty-one Senators have come together to petition for action to be taken on the ailing federal program that provides affordable insurance coverage to thousands of homeowners. The Senators are backing a legislation that would extend the program’s lifetime for another 5 years and begin the arduous reformation process. They assert that action must be taken swiftly in order to prevent lapses in coverage during seasons of heavy rainfall and unpredictable storms.
NFIP is currently billions of dollars in debt and in danger of collapsing beneath the weight of consumers and costly natural disasters. The program has been the subject of several legislations that sought to make it more viable in a volatile economy, but nothing has made any significant improvements. Legislators fear that if the program lapses it will have a severe and negative effect on the still fragile housing market.
The coalition of Senators is petitioning Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell to make NFIP a priority during this legislative season. The Senators are hoping that some kind of action can be taken this month or shortly thereafter. Legislators have gained notoriety for putting off the subject, however, and may not be inclined to address the issue during an election year.