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December 17, 2018

Authorization of the National Flood Insurance Program runs out at 11:59 p.m. this Friday. While we are pleased that reauthorization was re-coupled to the latest federal spending bill, the House and Senate have until this Friday to hash out an agreement to fund the government, address the President’s request for border wall funding and criminal justice reform, and any other add-ons legislators want to pass before the end of the year. As the likelihood of a government shutdown changes daily, there are several options when it comes to NFIP reauthorization.

The easiest possibility would be to extend reauthorization to match the date of whatever funding bill is passed. However, at this time it is unclear if the date would be September 30, 2019 (the end of the fiscal year) or something sooner. Another option would be for the House to consider S. 3268, a measure introduced by Sen. John Kennedy (R-LA) that extends the NFIP until May 31, 2019. The last potential option would be for the House and Senate to consider S. 3703, a bill introduced by Sen. Marco Rubio (R-FL) two weeks ago that would extend authorization to September 30, 2019 – a date many Democratic and coastal Republicans prefer. While we are confident that no one on Capitol Hill wants a lapse in authorization, the negotiations over the next few days will tell us exactly what path NFIP reauthorization will take.

Click here for The Council’s position paper on reauthorizing the NFIP.

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?