Earlier this month, Congress passed an extension to NFIP until September 30 as part of the disaster relief bill.
With this extension, now is the time to make real reforms to the NFIP that achieve many priorities, including affordability, better risk assessment, improving mitigation options, and increasing participation along with a long-term reauthorization before September 30.
We are pleased to report that Congress is making progress on a long-term reauthorization of the National Flood Insurance Program. The House Financial Services Committee has scheduled its markup of the legislation on Tuesday June 10th. We are still digesting this legislation and will monitor it along the way.
Millions of American depend on the National Flood Insurance Program (NFIP), including 54,800 in Alabama with over 65% of those residing in Coastal Alabama. Coastal Alabama Partnership (CAP) supports a long-term reauthorization and legislation keeping flood insurance rates affordable.
CAP will also working with its coalition partners The Greater New Orleans Inc. (GNO, Inc.) and The Coalition for Sustainable Flood Insurance (CSFI) a national alliance of approximately 250 organizations across 33 states. These partners are pushing for a stop-gap extension before the program lapses and advocating for long-term legislation that will keep policies affordable, easily accessible, and meets the needs of all consumers.
It is in the national interest to recognize that many communities exposed to flood risk are hubs of trade, finance, agriculture, and other nationally-significant economic and defense activities. Affordable and sustainable flood insurance is critical to the long-term success and vitality of the region. CAP will continue to work with regional Gulf Coast Partners to address the various issues and challenges to affordable wind and flood insurance coverage for all citizens and businesses of Coastal Alabama.