Statement by Jimi Grande
Senior Vice President, Federal and Political Affairs
National Association of Mutual Insurance Companies

NAMIC: Short-Term Extension No Substitute for Real Flood Insurance Reform

“Congress has thankfully avoided a lapse in the National Flood Insurance Program with the Continuing Resolution, but again we find ourselves waiting for real reform. This latest short-term extension is especially frustrating given how close reform legislation is to becoming law. The House has done their part by passing reform legislation with overwhelming, bipartisan support, and legislation in the Senate would be approved today if they’d only vote on it.”

"Continuing to maintain this vital program through short-term extensions is unacceptable. As it stands, the program owes more than $18 billion to the taxpayers, and keeping the NFIP ‘as is’ only risks adding to that burden.

"The NFIP protects millions of Americans from flood losses, and many mortgage lenders require coverage before they will lend to a prospective homebuyer. At a time when our economy is struggling to recover, the uncertainty created by Congress’ failure to act is a drain on the housing market, and our economy, that we cannot afford.”

For further information, contact
Matt Brady
Director of Media Relations
(202) 580-6742 Tel
mbrady@namic.org

Posted: Friday, November 18, 2011 12:10:27 PM.