NAMIC: Congress Needs to do its Job and Extend the NFIP

After more than two weeks of a government shutdown, the National Association of Mutual Insurance Companies again urged Congress today to keep its promise to Americans and reauthorize the National Flood Insurance Program.

“As we’re seeing from Alaska and California to the Eastern Seaboard, severe weather and flood risk don’t shut down just because the government does,” said Jimi Grande, senior vice president of federal and political affairs for NAMIC. “Partisan politics is no reason to take away vital protections for people’s most valuable assets. Americans are at risk of losing their homes and possessions to flooding because of Congress’ failure to fulfill one of its most basic job responsibilities: fund the government.”

The NFIP lapsed as of Oct. 1, removing the program’s ability to issue new or renewal policies and sharply limiting its borrowing authority following a flood event. Nearly 5 million Americans rely on the NFIP for protection from flood losses and the lapse is estimated to delay or cancel as many as 1,400 home sales each day due to a lack of available coverage. The program’s lapse also comes at a perilous time amid the Atlantic hurricane season, which runs through November.

“Republicans and Democrats do not need to solve all their differences to reauthorize the NFIP,” Grande said, noting multiple individual bills have been introduced to extend the program. “They just need to do their job.”