CUNA strongly supports efforts to pass a long-term reauthorization of the National Flood Insurance Program through 2027, it wrote to the House Financial Services Subcommittee on Housing, Community Development, and Insurance Wednesday. The committee conducted a hearing on reauthorization and reforming the NFIP, including discussion of several pieces of legislation.
“Beyond the necessary long-term reauthorization of the NFIP in the National Flood Insurance Program Reauthorization Act of 2022, CUNA further applauds the committee’s efforts to ensure that the cost of flood insurance premiums is rooted in the actual flooding risk of the property, including the improvement, expansion and modernization of floodplain mapping; the refunding of premiums paid on properties inadvertently included in special flood hazard areas; and the reduction of premiums based on the implementation of flood mitigation steps,” the letter reads.
CUNA also: