NFIP Reauthorization and Reform Act Introduced
Bipartisan NFIP legislation was introduced today in the Senate to reauthorize the NFIP. The National Flood Insurance Program Reauthorization and Reform Act was introduced by several senators, including U.S. Senators Bill Cassidy (R-LA), John Kennedy (R-LA), and Bob Menendez (D-NJ).
The bill contains several provisions that have been advocated for by our Coalition for Sustainable Flood insurance, including:
- Five-year authorization of the NFIP
- Guardrails on Risk Rating 2.0 (e.g. premium increases capped at 9% per year)
- Freezing of interest payments on the NFIP debt and reinvesting savings towards mitigation efforts
- Increased Cost of Compliance (ICC) Coverage to better reflect costs of rebuilding and implementing mitigation projects
The legislation is cosponsored by Sens. Cory Booker (D-NJ), Cindy Hyde-Smith (R-MS), Marco Rubio (R-FL), Roger Wicker (R-MS), Chris Van Hollen (D-MD), and Kristen Gillibrand (D-NY).