CSFI signed a letter addressed to congressional leadership which underscores the impacts of the recent NFIP lapse and urges action on a long-term reauthorization.  The letter was authored by the Joint Trades Coalition, representing stakeholders spanning real estate, insurance, lending, and state and local governments.  The Joint Trades Coalition, organized by the National Flood Association, is composed of the American Bankers Association, American Land Title Association, Association of State Floodplain Managers, Flood Insurance Producers National Committee,  Independent Insurance Agents and Brokers of America (Big “I”), Insurance Institute for Business and Home Safety, Mortgage Bankers Association, National Association of Flood and Stormwater Management Agencies, National Association of Mutual Insurance Companies, National Association of Professional Insurance Agents, SmarterSafer Coalition, and the Counsel of Insurance Agents and Brokers.

The letter affirms that, “it is time to end the cycle of short-term extensions and program lapses that fuel instability in real estate markets and communities dependent on reliable flood coverage and mitigation support.”  Undersigned organizations “support efforts by the Senate Banking and House Financial Services Committees to find common ground and pass a long-term reauthorization and reform package.”  Specific reforms uplifted include modernization of FEMA’s flood maps, expansion of mitigation assistance, and cultivation of a public-private partnership between NFIP and private flood insurers to expand coverage options and improve affordability, particularly outside high-risk zones.