Trade groups urge Congress to reauthorize NFIP

"The other organizations that signed the letter include the American Land Title Association (ALTA), the National Flood Association and the American Bankers Association, among others. As stakeholders representing real estate, insurance, lending, and state and local governments, we urge Congress to act decisively to ensure stability and certainty for the millions of Americans who rely on this vital program to protect their families and properties from flooding, the groups wrote."

"The NFIP has been extended 34 times through short-term measures since 2017, with lawmakers unable to agree on broader reforms. During the recent government shutdown, NFIP lapsed, which halted new policies and renewals for more than a month its longest interruption in nearly a decade. Previous HousingWire coverage estimated that the lapse could have derailed 1,400 home sales every day of the shutdown."

Multiple trade groups including ALTA, the National Flood Association and the American Bankers Association urged congressional action to provide long-term authorization for the National Flood Insurance Program (NFIP). The NFIP has relied on 34 short-term extensions since 2017. A recent government shutdown caused the program to lapse for more than a month, stopping new policies and renewals and potentially derailing up to 1,400 home sales per day. NFIP's current authorization expires Jan. 30, 2026. The lapse disrupted mortgage and commercial lending, assistance to repetitive-loss homeowners, and policy renewals. The Mortgage Bankers Association pledged to continue pushing for a multi-year reauthorization.

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