National Flood Insurance

On September 24, 2010 Congress unanimously approved a one year extension, until September 30, 2011 for the National Flood Insurance Program (NFIP).

A long-term extension had been a top legislative priority for NAR. Earlier in 2010 the NFIP lapsed, causing major disruptions for REALTORS®, and with the September 30, 2010 deadline fast approaching NAR redoubled its efforts to extend the program.

REALTOR® advocacy efforts helped make the long-term extension a reality. When Congress returned to Washington, D.C.. in mid-September NAR was waiting with our Federal Political Coordinators who came to D.C. to meet with key senators and urge the long-term extension. Additionally, on September, 22, 2010 NAR was ably represented by Maryland REALTOR® Nick D’Ambrosia. He stressed to the Senate Committee on Banking NAR’s commitment to extend and strengthening the program beyond 2011 for the long-term. While the one year extension brings a level of certainty to the NFIP, there needs to be comprehensive reform measures to place the NFIP on more sound financial footing for at least another 5 years.

Flood Insurance Timeline
September 21, 2010 S. 3814 Approved by Unanimous Consent in the Senate
September 23, 2010 S. 3814 Approved by Voice Vote in House of Representatives

The bill was signed by the President the week of September 27, 2010.

With program authority now extended for a year, it is expected that attention will now turn to proposals to reform and ensure the financial soundness of the NFIP. While the House passed its reform bill (H.R. 5114) earlier this year, it is unlikely that a comprehensive reform bill will move until the 112th Congress goes into session next year.