S. 824: NFIP Extension Act of 2025
This bill, titled the NFIP Extension Act of 2025, aims to reauthorize the National Flood Insurance Program (NFIP), which provides flood insurance to property owners, renters, and businesses. The key provisions of the bill include the following:
Reauthorization of the Program
The bill amends specific sections of the National Flood Insurance Act of 1968 to extend the NFIP's operation. It replaces the previous expiration date of September 30, 2023, with a new expiration date of September 30, 2025. This means that the program will continue to function for an additional two years without interruption.
Financing and Program Continuity
By reauthorizing the NFIP until 2025, the bill ensures that funds remain available for individuals and businesses affected by flooding, which is essential for recovery and rebuilding efforts after flood disasters. It provides financial stability to the program and helps policyholders maintain coverage for flood-related claims.
Effective Date
If the bill is enacted after March 14, 2025, the changes made by this law will be considered effective as of March 14, 2025. This retroactive clause ensures there is no gap in coverage or funding for the program and its beneficiaries.
Summary of Changes
- Extends the NFIP's expiration date from September 30, 2023, to September 30, 2025.
- Ensures continuous funding for flood insurance policies affected by floods.
- Creates a retroactive effective date to maintain the integrity of the program.
Conclusion
Overall, this legislation is designed to provide a continuation of the National Flood Insurance Program, ensuring that those in flood-prone areas have access to necessary insurance coverage for an additional two years.
Relevant Companies
- ALL (Allstate Corporation) - Could potentially be impacted as they offer flood insurance products.
- AFG (American Financial Group) - Operates in the property and casualty insurance sector, including flood coverage.
- PHM (PulteGroup, Inc.) - As a homebuilder, may be affected by flood insurance availability for homebuyers in flood-prone areas.
This is an AI-generated summary of the bill text. There may be mistakes.
Sponsors
2 bill sponsors
Actions
2 actions
| Date | Action |
|---|---|
| Mar. 04, 2025 | Introduced in Senate |
| Mar. 04, 2025 | Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
Corporate Lobbying
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