House Passes 21st Century Flood Reform Act
Washington, D.C. – Today, the House of Representatives voted to pass H.R. 2874, the 21st Century Flood Reform Act, introduced by Representative Sean Duffy (WI-7) on June 12, 2017. This legislation reauthorizes the National Flood Insurance Program (NFIP) for five years, introduces private market competition, and provides programmatic reform to help policyholders. Specifically, the bill offers more flexibility by ensuring there is a robust private market for flood insurance, prioritizes mitigation funding for properties that have experienced repeated flood losses, and improves mapping technology to ensure policies are based on accurate information.
“A flood insurance program that is not fiscally sound puts future victims at risk,” said Congressman Scott Taylor. “The destruction caused by flooding in our own area and the recent hurricanes across the United States underscores the need for a sustainable flood insurance program that is accessible to people in their darkest hour. This bill strengthens the National Flood Insurance Program (NFIP) by increasing competition and reducing bureaucratic barriers that make flood insurance more costly and future victims more vulnerable to financial losses.”