National Flood Insurance Program (NFIP) [F]
NAMIC supports a fiscally sustainable National Flood Insurance Program that relies on risk-based premiums and modernized flood mapping to ensure it can meet its financial obligations rather than taxpayer-funded bailouts.
Prior to the passage of The Biggert-Waters Flood Insurance Reform Act of 2012, the NFIP was incapable of meeting its obligations for above normal claims years or major storms. As a result the program was forced to borrow billions from the Treasury while being incapable of ever repaying the debt. While some affordability issues have arisen during the implementation of those reforms, NAMIC believes they can best be addressed in a targeted and transparent fashion rather than through wholesale delays that would undermine any progress made in fixing the NFIP.