After more than two weeks of a government shutdown, the National Association of Mutual Insurance Companies (NAMIC) has called on Congress to reauthorize the National Flood Insurance Program (NFIP). The association highlighted that the lapse in the program has removed its ability to issue new or renewal policies and has limited its borrowing authority after flood events.
Jimi Grande, senior vice president of federal and political affairs for NAMIC, said, “As we’re seeing from Alaska and California to the Eastern Seaboard, severe weather and flood risk don’t shut down just because the government does. Partisan politics is no reason to take away vital protections for people’s most valuable assets. Americans are at risk of losing their homes and possessions to flooding because of Congress’ failure to fulfill one of its most basic job responsibilities: fund the government.”
Nearly 5 million Americans depend on the NFIP for flood loss protection. The current lapse is estimated to delay or cancel about 1,400 home sales each day due to unavailable coverage. This situation coincides with the Atlantic hurricane season, which continues through November.
Grande added, “Republicans and Democrats do not need to solve all their differences to reauthorize the NFIP. They just need to do their job.” Multiple individual bills have been introduced in Congress aiming to extend the program.
