Academy Outlines Flood Insurance Reform Options for NFIP Reauthorization as Possible Vote on House Bill Approaches
As the
"The expected vote on long-term National Flood Insurance Program [NFIP] reauthorization would be the right moment to help the nation better address flood risks and the NFIP's financial condition," said
H.R. 2874 in its current form incorporates provisions to encourage sharing of historical flood loss data with private insurers, growth of the private flood insurance market, and modernization of flood mapping--all of which are potential reforms that the Academy previously raised with congressional leaders. Other areas for reform identified by the Academy include:
* Addressing the NFIP's debt, which is approaching
* Eliminating artificial pricing disparities that could arise due to debt and flood mapping surcharges imposed on NFIP policies but not on private insurance coverage.
* Focusing more attention on repetitive loss properties to reduce overall losses in the program.
* Providing additional funding for pre-flood mitigation efforts.
* Taking into account rising sea level and its likely financial impact on the NFIP.
In
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