H.R. 5848: NFIP Retroactive Renewal and Reauthorization Act

This bill, known as the NFIP Retroactive Renewal and Reauthorization Act, aims to extend the National Flood Insurance Program (NFIP) through December 31, 2026. The NFIP is a federal program that provides flood insurance to property owners, renters, and businesses, and it is intended to reduce the financial burden of flood-related damages. The bill includes the following key provisions:

Extension of Program

The bill proposes to amend existing law to change the expiration date of the NFIP from September 30, 2023, to December 31, 2026. This ensures that the program continues to operate without interruption, allowing individuals and businesses at risk of flooding to maintain access to flood insurance coverage.

Financing Amendments

One of the amendments made in the bill pertains to the financing of the NFIP, which involves liquidity and the availability of funds for the program. The bill updates language in the National Flood Insurance Act of 1968, specifically altering the references to the expiration dates in order to reflect the new end date of December 31, 2026.

Retroactive Effective Date

The bill also establishes a retroactive effective date for the amendments. If the bill is enacted after September 30, 2025, the changes to the NFIP would be considered effective as of September 30, 2025. This provision seeks to ensure that there is no gap in coverage for individuals and businesses that rely on the NFIP for flood insurance.

Overall Impact

By reauthorizing and extending the NFIP, the bill aims to stabilize the market for flood insurance, particularly in flood-prone regions, and provide homeowners and businesses with continued protection against the risks associated with flooding.

Relevant Companies

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