The Senate Banking, Housing and Urban Affairs Committee held a hearing on January 25 entitled, “Reauthorization of the National Flood Insurance Program: Local Perspectives on Challenges and Solutions.” PIA submitted written testimony for the record for the hearing, noting our support for the NFIP because it provides critical flood insurance coverage and post-disaster relief to residential and commercial policyholders.
In its written testimony, PIA noted that property owners rely on the NFIP for essential flood coverage, particularly in high-risk areas, and that the role of the agent is key in delivering the NFIP to consumers. Our testimony also highlighted our ongoing concerns with FEMA’s plans to create its own online sales model and reviewed the reforms we believe are crucial to a successful, long-term extension of the NFIP.
PIA urges Congress to work towards a long-term NFIP reauthorization that will attract and retain policyholders. However, with the NFIP now on its 28th short-term extension since 2017, Congress must act quickly to prevent a lapse of the program before its next expiration date on March 8.