A coalition of 14 major organizations representing insurance and financial institutions urged congressional leaders Tuesday to execute a long-term reauthorization for the National Flood Insurance Program.
“As stakeholders representing real estate, insurance, lending, and state and local governments, we urge Congress to act decisively to ensure stability and certainty for the millions of Americans who rely on this vital program to protect their families and properties from flooding—the nation’s most common and costliest natural disaster,” the organizations wrote in a letter obtained by POLITICO.
The letter was signed by the National Flood Association, Mortgage Bankers Association, Association of State Floodplain Managers, American Bankers Association, National Association of Mutual Insurance Cos. and others.
The federally funded insurance program has had 34 short-term reauthorizations since 2017, with no large-scale change, even as lawmakers have repeatedly called for comprehensive improvements to the program. Additionally, the record-long government shutdown allowed the NFIP to lapse for more than a month, the longest period the program has ceased writing and renewing policies in almost a decade. The program is up again for reauthorization by Jan. 30.
