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National Flood Insurance Program
Hurricane Sandy is a grim reminder of the importance of flood insurance. The National Flood Insurance Program (NFIP) is a vital program with more than 5.5 million policyholders insured for about $1.3 trillion. In 2012, President Barack Obama signed the Flood Insurance Reform Act of 2012 which reauthorized the NFIP for five years. It also made significant reforms to the program designed to help it become financially sound by charging actuarial rates. While some of the provisions of the law have been implemented, others have raised concerns and discussions in Congress about the program raising rates to reflect true flood risk and changes to Flood Insurance Rate Maps.
PCI is closely monitoring developments associated with the NFIP.
PCI Provides Recommendations to the U.S. Senate on S. 1926
Write-Your-Own (WYO) Coalition Provides Recommendations to U.S. Senate on Flood Issues
Implementation of the Biggert-Waters Flood Insurance Act of 2012
Flood Insurance: More Information Needed on Subsidized Properties
Implications of Changing Coverage Limits and Expanding Coverage
Flood Bill Signed as WYO Companies Wonder What's Next
(Property Casualty 360
| March 24, 2014)
PCI News Releases
President Obama Signs H.R. 3370 into Law
| March 21, 2014
PCI Recognizes National Flood Safety Awareness Week
| March 14, 2014
The Time is Now to get Flood Insurance
| August 28, 2013
PCI White Paper: True
Market-Risk Rates for Flood Insurance
What is NFIP?