Provisions of the New Long-Term NFIP Extension
The U.S. House and Senate passed a five-year extension and a comprehensive reform of the National Flood Insurance Program June 28, 2012. The bill, which has already been signed into law, authorizes the NFIP through Sept. 30, 2017. This is the first long-term extension to be granted for the program since 2004. The bill, called the "Biggert-Waters Flood Insurance Reform and Modernization Act of 2012," also contains a series of fundamental reforms for the NFIP, which seek to increase program income, increase coverage for policyholders, address concerns about the mapping process and encourage more private sector participation in providing flood coverage. Click here to see an outline of these reforms.