April 19, 2017
At the end of September, 2017 the National Flood Insurance Program (NFIP) is set to expire. This critically important federal program provides affordable insurance opportunities for commercial and residential properties against severe flooding damage. The program is administered by the Federal Emergency Management Agency (FEMA) and also helps mitigate flood damage through floodplain management.
With the NFIP ending in a few months, IREM with a coalition of other commercial real estate organizations submitted a letter to Representatives Jeb Hensarling and Maxine Waters of the House Financial Services Committee. The coalition urged NFIP reauthorization and urged various policy changes to improve the program’s administration and efficiency. Improvements include extending the NFIP for the long-term to avoid a lapse in the program which creates uncertainty and stress in the market. The coalition also advocated for the expansion of private flood insurance markets to allow for more options, and to improve the coverage options available to policyholders. The letter calls for improved flood mapping by FEMA that have been recommended by the Technical Mapping Advisory Council.
Please see the full letter for more information.