News & Updates

Learn the latest on flood insurance reform

NFIP Reauthroized Until November 17

Through the passage of H.R. 5680 on September 30, Congress has provided continued appropriations to Federal agencies and extended authorization of NFIP until November 17, 2023.   NFIP was set to expire at 11:59pm on September 30, that same day.

This is the 26th short-term extension of NFIP, since the program’s last multi-year reauthorization expired on September 30, 2017.  Over this time period, NFIP has lapsed briefly three times.  A lapse of the NFIP disrupts the purchase of flood insurance, and home sales requiring flood insurance, in more than 20,000 communities nationwide.

CSFI continues to advocate for a long-term NFIP reauthorization with key reforms to ensure program affordability, administration transparency, and data accuracy, like an independent actuarial review.  Key CSFI priorities include:

  • Enact a means-tested affordability program, eligible to policyholders earning 160% of AMI, that considers housing burden
  • Cap annual premium increases to 9% to prevent NFIP’s falling participation, down 180,000 in two years
  • Mandate that FEMA release a public rate calculator that allows policyholders to understand their premium calculations, their property-level risk factors, and opportunities for mitigation measures
  • Restore larger, legacy mitigation discounts for elevating properties and stop FEMA’s discrimination of first floor height by flood zone
  • Eliminate NFIP debt or freeze interest payments, totaling $600M paid by policyholders to Treasury in FY23
  • Prescribe studies on strategies to expand risk pool, like mandatory purchase or a National Catastrophic Insurance Program