Once again, we face a looming expiration of the National Flood Insurance Program (NFIP), with the program's authorization set to expire on September 30 of this year. NFIP has received temporary reauthorizations eight times since 2008 and has gone into technical lapse on several occasions.

The good news is that this time, Congress has started to address a comprehensive flood insurance reform bill well in advance of the next deadline. Already, hearings have been held before the House Subcommittee on Insurance, Housing and Community Opportunity and on April 11, 2011, the subcommittee passed the Flood Insurance Reform Act of 2011 (H.R.1309). PIA has endorsed this bill and has reaffirmed its support of the NFIP.

Importantly, the bill includes a full 5-year reauthorization of the NFIP, breaking the cycle of start-and-stop temporary reauthorizations that have plagued the program since 2002. The bill wisely excludes any addition of wind coverage, increases coverage limits relative to inflation, adds further coverage options (e.g., loss of use of personal residence and business interruption), and allows premiums to be paid in quarterly installments.

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