NFIP is Extended By Congress to November 30th
NAA is pleased to report the passage of a temporary extension of the National Flood Insurance Program (NFIP) that was voted through this past week in Congress. The NFIP is an essential tool to mitigate the risk that flooding poses to multifamily housing. By meeting the July 31st deadline for an extension, the industry can avoid damaging uncertainty and the risk of property damage.
While this is a prominent development, we are committed to working to shore up and improve the NFIP for the long-term future. We look forward to working with Congress to pass a sustainable NFIP reauthorization package that provides flexibility in the private flood insurance market; expands coverage to include business interruption coverage; allows umbrella coverage to multiple properties; and replaces Actual Cost Value with Replacement Cost Value in coverage formulae.
The long-term health and sustainability of the NFIP program, and a commitment to more accurate flood mapping to help owners and operators better protect their assets remain NAA’s long-range priority.
We stand ready as a resource for you on the NFIP. If you desire any more specific information or have questions that we can help answer, please don’t hesitate to contact our Government Affairs team via email, or reach out to our subject matter expert, Robert Melvin, Manager of Government Affairs.