December 3, 2018
On Saturday, December 1, President Trump signed legislation that extends the National Flood Insurance Program to Friday, December 7. The legislation was passed by Congress on the eve of its November 30 expiration. The measure passed the House on a 350-46 vote and the Senate passed the bill minutes later on a unanimous consent agreement.
Patience is wearing thin in Congress on this issue, however. Conservative House Republicans and Senators are loathe to vote again on any more clean reauthorizations that don’t include anything to address the program’s $20 billion debt. There are various measures in the House and Senate that reform the program, but it’s unclear if any of them will be included in the end of the year government funding bill, which needs to be considered by both chambers no later than 11:59 p.m. this Friday to avoid a shutdown.
If the program lapses, FEMA has issued tools you may need for your clients. IN 2017, natural disasters in the U.S. cost $337 billion. Less than half was insured. Check out our recent Leader’s Edge feature, Can We Bear the Cost?