This week, the 21st Century Flood Reform Act (H.R. 2874) passed the House of Representatives and is now headed to the Senate. H.R. 2874 would renew the National Flood Insurance Program (“NFIP”) for an additional 5 years beyond its existing termination date. NFIP was originally enacted to provide affordable protection against flooding to homeowners, business owners and renters across the country and to better inform the public about flood risk, their options to protect themselves and what types of flood policies were available. Those original NFIP goals will continue to be promoted under the renewed program, with some changes. Most notably, H.R. 2874 will increase the private market’s ability to participate in insuring against flood peril.
We will continue to monitor and report on new developments.