The FEMA report proposes moving away from the current model of mapping based on the probability of flooding determined by historical trends over the past 100 years and toward assessing risks to specific structures. This would greatly increase the accuracy of the risk assessed under the program. However, it comes with a hefty price tag. FEMA estimates enhancing flood maps to this level of specificity would cost nearly $600 billion and some experts believe it could take 20-30 years to complete.
NMHC/NAA are working to ensure the reauthorization of the NFIP before it expires in September 2017. We will continue to emphasize the urgent need for affordable flood insurance to remain available at all times, in all market conditions for every at-risk rental property.
- Flood Insurance on the Rise, But Property Owners Aren't Worried
- Multifamily Industry Scores Big Wins in NFIP Reauthorization
- NMHC and NAA Letter to House Financial Services Regarding NFIP - June 2019
- National Flood Insurance Program Extended to September 30
- House Passes Another Short-term Extension of Flood Insurance