July 31, 2018
As many suspected, the Senate agreed to reauthorize NFIP for another four months to November 30. The extension includes no reforms, as the Senate has not proposed any legislation with reforms although the House has. This is the seventh short-term extension.
It was to expire September 2017; it was renewed until December 8, then renewed again until December 22, then until January 19, 2018, where it was allowed to lapse and was then reauthorized again until February 8th, then extended to March 23, then July 31, and now it's been extended until November 30. This gets us through hurricane season, but then what? Repeatedly extending it is not solving any of the inherent issues with NFIP, and if another bad storm season occurs, it will just get further and further into debt.
There is a long history of extensions of NFIP. Between 2008 and 2012, the program was extended 17 times with 4 lapses. At the current rate of extensions, we're apt to surpass that level within 2 years. So this leaves us with the question “How to get Congress to act” which is something we don't have the answer to. However, we will keep updating the status of NFIP as time progresses.
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