Senators and House representatives are deciding the future of the National Flood Insurance Program (NFIP).
The National Flood Insurance Program is a voluntary program administered by FEMA with over 20,000 communities participating across the U.S. With the objective of reducing the cost of flood damages, participating communities take proscribed steps to reduce possible flood damage and, in return, they get access to federally backed flood insurance. In addition to flood insurance, the NFIP program also covers flood plain management and flood hazard mapping.
The program is not without its critics. It’s currently $18 billion dollars in debt, thanks in large part to claims resulting from Hurricane Katrina in 2005. There have also been numerous complaints about delays in getting claims filled and program inconsistencies.
The NFIP is set to expire December 16, 2011, and it is unlikely Washington will reach agreement on a long-term extension before the program expiry date. As a stop-gap measure, Senators recently agreed to extend the program to May 31, 2012. The bill now goes to the House for review. To check the current status of the bill, S.1958, follow it on the Library of Congress website.
If your community participates in the NFIP program, be sure to subscribe to NFIP email updates. Submit your email address, and you’ll get the latest NFIP news direct to your inbox.
Regardless of the future of the NFIP, it always makes sense to take steps to minimize damage to your home should a flood occur. Our Flood Solutions FEMA compliant flood vents are a proven way to help maintain the structural integrity of your home should flood waters rise. Give us a call at 800-325-9775 or send us a message via our contact page.
