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PCI Urges Action on Flood Program Reauthorization; NFIP Expires September 30
On September 30, the National Flood Insurance Program (NFIP), which provides 5.5 million Americans with vital protection from devastating floods is set to expire and PCI is urging Congress to take immediate action and reauthorize the program.
Since 2008, NFIP has been operating under a series of short-term extensions. This year alone, Congress has already allowed the vital program to lapse three times. During these lapses, new flood insurance policies could not be written, leaving homeowners vulnerable and delaying thousands of real estate transactions per day in flood-prone regions while creating uncertainty for homeowners and businesses. PCI urges Congress to enact a viable, long-term solution for the flood insurance program, not quick fixes.
PCI supports H.R. 5114, the “Flood Insurance Reform and Priorities Act of 2010”, sponsored by Representative Maxine Waters (D-Ca.), that would extend the NFIP through 2015. This legislation takes a responsible approach to making the flood program more financially stable, providing the program with an important five year extension and limiting additional federal exposure to natural disasters.
Learn more about the issue:
PCI News Releases
COUNTDOWN: 4 Weeks Until Flood Insurance Expiration | September 2, 2010
PCI Applauds House Passage of Flood Insurance Bill | July 15, 2010
Flood Insurance Program Wins Short-term Extension in Congress; PCI Urges Sustainable Solution | July 1, 2010
NFIP Set to Expire at Start of Hurricane Season; Third Program Lapse in 2010 | May 28, 2010
PCI Applauds House Committee Passage of Waters NFIP Bill | April 28, 2010
Congress Reauthorizes NFIP; Uncertainty Still Looms Over Program | April 16, 2010
NFIP Expires, Homeowners Left Vulnerable | March 29, 2010
Flood Program Expired, Then Extended; Long-Term Solution Needed | March 3, 2010
NFIP Extended; PCI Calls for Meaningful Reforms in 2010 | December 21, 2009
News Coverage
PCI Addresses Flood Program with Fox News
What does the latest lapse of NFIP mean for consumers? (American Agent & Broker Magazine)
PCI Resources
NFIP Fact Sheet
Mark Davey Testifies for Long-Term Solutions for NFIP
Reforming the National Flood Insurance Program
Industry Letter to Congress - September 16, 2008
Misplaced Impetus to Add Wind Coverage to NFIP
Other Resources
What is NFIP?
Flood Smart
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