National Flood Insurance Program (NFIP) [F]
For years, NAMIC has been a staunch proponent of substantial reforms to the National Flood Insurance Program that would eliminate subsidies for pre-FIRM structures and update floodplain maps. NAMIC also has called for the phase-in of actuarial rates for non-residential property and non-primary residences and increased penalties for lenders that do not ensure customer compliance with mandatory coverage requirements. NAMIC has been steadfast in opposing wind coverage. This would significantly increase the exposure of the federal government while crowding out an already robust and competitive market.
NAMIC SUPPORTS substantial reform of the NFIP, including the elimination of subsidies for pre-FIRM structures, and the updating of floodplain maps. The National Flood Insurance Program (NFIP) is currently financially unsustainable, and requires significant reforms.