WASHINGTON, D.C. – Today, Congressman Clay Higgins (R-LA) joined Congressman Frank Pallone, Jr. (D-NJ) and Congressman Bill Pascrell, Jr. (D-NJ) to announce the National Flood Insurance Program Reauthorization and Reform (NFIP Re) Act of 2019. The bill reauthorizes the NFIP for five years and makes critical reforms to improve the program.
Senator Bill Cassidy (R-LA) and Senator John Kennedy (R-LA) are introducing bipartisan companion legislation in the U.S. Senate along with Senators Bob Menendez (D-NJ), Cory Booker (D-NJ), Chris Van Hollen (D-MD), Marco Rubio (R-FL), Elizabeth Warren (D-MA), and Kirsten Gillibrand (D-NY).
The National Flood Insurance Program Reauthorization and Reform (NFIP Re) Act of 2019:
- Reauthorizes the NFIP for five years, extending the program until September 30, 2024.
- Ensures affordability for policyholders by lowering the cap on allowable annual premium increases to 9%.
- Freezes interest payments on the NFIP debt and reinvests savings toward mitigation efforts will restore solvency and reduce future borrowing.
- Prioritizes cost-effective investments in mitigation to reduce flood risk and potentially save billions in disaster recovery costs.
- Authorizes funding for Light Detection and Ranging (LiDAR) technology for more accurate mapping of flood risk across the country.
- Holds FEMA to strict deadlines so that homeowners get quick and fair payments and ends FEMA’s reliance on expensive outside legal counsel.
The NFIP Re builds on the Sustainable, Affordable, Fair, and Efficient (SAFE) National Flood Insurance Program Reauthorization Act of 2017, which Congressman Higgins introduced in the 115th Congress on July 18, 2017.
Congressman Higgins issued the following statement:
“Home and business owners in South Louisiana and across the country rely on the NFIP to protect their property and provide affordable flood insurance. A long-term reauthorization, in the form of the National Flood Insurance Program Reauthorization and Reform Act of 2019, will provide policyholders with greater certainty and allow necessary reforms to improve the program. The National Flood Insurance Program Reauthorization and Reform Act of 2019 protects affordability, prioritizes pre-disaster mitigation, improves flood plain mapping, and ensures long-term sustainability. Our legislation has bipartisan support from many coastal lawmakers and delivers significant improvements to the NFIP.”
