WASHINGTON, DC, September 22, 2020— The Independent Insurance Agents & Brokers of America (the Big “I") thanks the U.S. House of Representatives for passing a measure to extend the National Flood Insurance Program (NFIP) through Sept. 30, 2021 as part of government funding legislation.
“The Big 'I' applauds the House of Representatives for voting to extend the NFIP through Sept. 30, 2021, " says Charles Symington, Big “I" senior vice president of external, industry & government affairs. “Given that numerous short-term extensions of the program over the last couple of years have lasted in some cases only weeks at a time, the Big 'I' is thankful for the certainty this legislation provides through September of next year. The Big 'I' looks forward to continuing to work with Congress and the administration to support the long-term reauthorization of a modernized program that would increase take-up rates for flood insurance both in the NFIP and in the private market."
Congress must periodically reauthorize the NFIP, which is currently set to expire Sept. 30. However, Congress has yet to pass a longer-term extension of the NFIP, as debate continues regarding options for reforming the program. This has already resulted in a series of stop-gap extensions and a few brief lapses in 2017 and 2018. The current House-passed measure would extend the program for one year, but the Senate must also act for the program to continue operation after Sept. 30.
“Following the House vote, the Big 'I' urges prompt action in the Senate to extend the NFIP before Sept. 30," says Wyatt Stewart, Big “I" assistant vice president of federal government affairs. “A lapse in the NFIP could impact the ability of the program to promptly pay claims if there is a major flooding event, delay recovery efforts related to catastrophic storms, and disrupt real estate markets across the country. While we appreciate that this legislation provides needed certainty for the next year, it is imperative that Congress finally pass a longer-term extension of a modernized NFIP in 2021."
Founded in 1896, the Independent Insurance Agents & Brokers of America (the Big “I") is the nation's oldest and largest national association of independent insurance agents and brokers, representing more than 25,000 agency locations united under the Trusted Choice brand. Trusted Choice independent agents offer consumers all types of insurance—property, casualty, life, health, employee benefit plans and retirement products—from a variety of insurance companies.