NFIP Reauthorization Update
The House voted to approve a continuing resolution (CR) this week that, if passed by Congress, would extend the National Flood Insurance Program (NFIP) until September 30, 2021. As this bill has not yet been approved by the Senate, changes to the term of the extension could still occur. In the absence of further action by Congress, the current authorization of the NFIP will expire next week on September 30, 2020. If the NFIP’s authority lapses, the Federal Emergency Management Agency (FEMA) would retain the ability to pay valid claims with available funds, but the sale and renewal of policies would cease. An expiration of the NFIP program would not affect your lender-placed flood insurance program with Proctor.
Proctor will continue to monitor these topics and provide updates as they develop.