NFIP continues to be riddled with challenges even as the White House pushed its expiry date.
Last week, the White House signed a resolution to extend NFIP, but the National Flood Insurance Program problems are still there regardless.
NFIP’s latest extension will keep it from expiring until September 30, 2021.
Of course, giving it another year hasn’t made all the other National Flood Insurance Program problems disappear. Still, at least it has purchased another twelve months in which to protect those in high risk areas from having to go without coverage. NFIP had been ready to expire on September 30, 2020, along with the entire ongoing resolution of HR 8337, which was passed by the House in September at a vote of 359 to 57, and that had just received Senate approval in an 84 to 10 vote.
Federal agencies worked together in June to clarify the requirements for NFIP. These revisions were proposed for an existing interagency document on the coverage. During a regulation review, the agencies obtained comments seeking additional guidance on forced-plan insurance policy renewal plans, coverage amount requirements, and tenant-owned building and detached structure requirements.
The interagency document changes reportedly eased many National Flood Insurance Program problems.
The changes reportedly improved the ease of locating appropriate sections for regulators, service providers, lenders and policyholders, according to a DSNews report.
Ahead of President Trump’s signing of the extension, the National Association of Realtors (NAR) published a response to the government’s move.
“NAR thanks lawmakers for including a one-year extension of the National Flood Insurance Program in this Continuing Resolution, but the job is not done,” said a statement from Vince Malta, president of NAR. “As the 116th Congress nears its end, the House and Senate are missing a golden, bipartisan opportunity to move meaningful NFIP reform legislation authored by Chairwoman Maxine Waters and Ranking Member Patrick McHenry, which addresses the program’s viability and affordability. NAR urges Congress to make long-term reform a priority moving forward.”
These new moves have eased the immediate National Flood Insurance Program problems and many view the new legislation as promising that progress will be made moving forward over the next year.