House Renews NFIP

WASHINGTON—The House, by a vote of 237-189, passed a bill that would renew the National Flood Insurance Program (NFIP) for five years. The program faces a Dec. 8 deadline for renewal.
The reauthorization package now awaits Senate action; however, the Senate has also been working on its own reauthorization bill, NAFCU reported.
House Financial Services Committee Chairman Jeb Hensarling (R-TX) and House Majority Whip Steve Scalise (R-LA) worked out final details on the bill. In an attempt to fix the program's growing debt, the bill includes provisions to update federal flood mapping procedures and allow private policies to fulfill the federal flood insurance mandate, said NAFCU.
NAFCU noted that it has pushed for a number of improvements to the NFIP, including increases in coverage limits, and capping premiums and rates. In June, NAFCU outlined proposed improvements to the NFIP as supported by the association and its members; it shared those with Congress as it worked on this reauthorization package.