NFIP Reauthorization Takes 'Common Sense Approach' but More Can Be Done
Congress has extended the National Flood Insurance Program (NFIP) by two weeks to buy more time for lawmakers to agree upon a long-term reauthorization of the federal program.
The NFIP will continue to run as it stands until December 22, when it’s hoped the House and the Senate will come to terms over what they want the reauthorized program to look like.
Ahead of the reauthorization, Insurance Business spoke to Alan Rubin, principal with law firm Blank Rome LLP, who has more than 30 years of experience handling matters related to extreme weather events. He said the bill being debated in Congress takes a “common-sense approach” to reauthorization and includes “some very good” ideas.
As it stands, the NFIP bill in debate would require flooding disclosures during real estate transactions, help educate buyers about flooding history before closing on a property, and provide specific definitions around repetitive loss structure – all of which Rubin described as "really important."
"Under the proposed bill, prospective homeowners have to be told if they're looking at an area that floods and they have to be given the flood history of the property they're looking at, so they can take that information into consideration before buying," said Rubin.
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"NFIP Reauthorization Takes 'Common Sense Approach' but More Can Be Done," by Bethan Moorcraft was published in Insurance Business Magazine on December 11, 2017.