Most homes insured under the National Flood Insurance Program (NFIP) — the government program that provides affordable flood insurance to property owners and coordinates adoption and enforcement of floodplain management regulations — are in Florida and Texas. So you can see why the fact that the NFIP was scheduled to expire at the end of September was a bit of a problem, given recent weather patterns.
Today, President Donald Trump signed into a law a three-month extension of the NFIP that passed the House and the Senate. The new expiration date is December 8, 2017.
Extending the NFIP was a legislative priority this year for the National Association of Realtors (NAR). The program is $25 billion in debt but has been around since 1968 to help reduce the impact of floods on structures, private and public alike.
The extension was part of the agreement between Trump and Senate Democrats to provide a $15.3-billion aid package in the wake of Hurricane Harvey, in addition to raising the debt ceiling and preventing a government shutdown. Yesterday, the Senate passed the package, and the House voted and passed it earlier today.
“Extending the National Flood Insurance Program was a must-do item, and Congress delivered,” said National Association of Realtors President Bill Brown in a statement. “That’s good news for consumers, as well as an opportunity for proponents of meaningful reform. With a short extension on their side, leaders in the House and Senate should continue work on the 21st Century Flood Reform Act to strengthen the NFIP and ensure the long-term certainty that current and future homeowners demand.”