Congress yesterday approved an emergency measure to keep the
National Flood Insurance Program (NFIP) from shutting down. Those of you who write flood insurance policies through the
Big "I"'s Flood Program should be able to continue to do so at least until Dec. 3.
The program, which Congress authorizes on a temporary basis, was scheduled to run out of authority on Sept. 30, 2021. The NFIP's extension was included in a larger bill to fund the federal government, which also would have shut down in the absence of congressional action. President Biden
signed it into law shortly after passage.
The NFIP's new expiration date is Dec. 3, 2021. The extension does not delay the planned implementation of
Risk Rating 2.0, the NFIP's new pricing methodology that takes effect for new policies today. There are reports that senators from coastal states are seeking a delay, saying that it will impose unaffordable premium increases on their residents. However, efforts to delay the new pricing method have to date been unsuccessful.