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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. Last year, 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.
Flood Insurance: More Information Needed on Subsidized Properties
Implications of Changing Coverage Limits and Expanding Coverage
PCI News Releases
PCI Hails Congress for Passing 5-Year Flood Insurance Reauthorization and Reform Measure
| June 29, 2012
PCI Pushes for Long-Term Reauthorization Legislation
| May 30, 2012
PCI Applauds House Action on Flood Insurance Program
| May 18, 2012
PCI Commends Senate for Urging NFIP Long-Term Reauthorization
| February 14, 2012
PCI White Paper: True
Market-Risk Rates for Flood Insurance
| June 2011
What is NFIP?