Reforms could be part of long-term NFIP authorization

CUNA continues to support long-term authorization of the National Flood Insurance Program and recognizes reforms may be necessary, it wrote to the Senate Banking, Housing, and Urban Affairs Committee Thursday for its hearing on the NFIP.

“A strong, sustainable, and affordable NFIP will serve the best interests of our nation’s housing market for years to come, and we commend your work to reauthorize this vital program in a fiscally responsible way,” the letter reads.

CUNA also encourages the Committee to focus on “solutions that ensure the cost of flood insurance premiums are rooted in the actual flooding risk of the property,” including:

• Improvement, expansion and modernization of floodplain mapping.
• Refunding of premiums paid on properties inadvertently included in special flood hazard areas.
• Reduction of premiums based on the implementation of flood mitigation steps.