Time is tight for the National Flood Insurance Program (NFIP). A three-month extension of the NFIP signed by President Donald Trump to help devise a long-term financial solution for the program, expires on December 8. In the lower chamber of Congress, the 21st Century Flood Reform Act, which would update and reauthorize the NFIP, was passed (237-189) by the U.S. House of Representatives on Tuesday, November 14. The fate of the scheme now rests with the Senate, allowing just over three weeks in total to make a choice; adopt the House bill or a version of it; advance its own bill, or simply do nothing.
Congress has an opportunity to reform the NFIP; to build a public-private partnership and transfer risk to the private insurance sector. This bill both entices private insurance firms into flood underwriting, and provides more power to the consumer to quantify and manage their own flood risk.