With NFIP’s reauthorization required by September 30 to prevent lapse, a group of Senators have introduced the NFIP Extension Act of 2022, a measure which would extend the program for a full year, through September 30, 2023.  CSFI is supportive of this one-year extension, providing certainty to the program, as Risk Rating 2.0’s full implementation is experienced and its associated impact becomes better understood.  During a year-long reauthorization, program trends can inform long-term reform.

Meanwhile, CSFI has outlined key priorities for any reauthorization to make NFIP more transparent, affordable, and sustainable.  CSFI encourages a multi-year extension that includes all of the following provisions, which serve to legislatively resolve issues commonly expressed by policyholders and various parties about Risk Rating 2.0:

1. Forgive NFIP’s Debt
2. Lower Rate Hike Caps
3. Codify a Premium Cap
4. Implement a Means-Tested Affordability Program
5. Release a Public-Facing Rate Calculator with Risk Inputs

CSFI’s current reauthorization platform one-pager, which expounds upon each proposal, can be downloaded and distributed here.