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.
- Coalition Letter Regarding Flood Mapping to Appropriators - April 2020
- FEMA Extends NFIP Renewal Grace Period in Response to COVID-19
- Shutdown Avoided: Flood Insurance Program Extended, Real Estate Industry Supports Assisted Housing Funding
- Real Estate Industry Letter to Appropriations Committees - November 2019
- National Flood Insurance Program Extended Once Again