# National Flood Insurance Program Reauthorization and Reform Act of 2023

This bill is about keeping the National Flood Insurance Program running and making changes to how it works. The National Flood Insurance Program is a federal system that provides flood insurance to property owners in areas where private insurance companies won't cover flood damage. Many homeowners and business owners rely on this program, especially those in flood-prone areas, because regular homeowners insurance doesn't cover flooding.

The bill reauthorizes the program, which means it extends its authority to continue operating. Without reauthorization, the program would eventually expire and stop being able to issue new policies or renew existing ones. This matters to millions of Americans who live in areas at risk of flooding—if the program expired, they'd lose access to affordable flood insurance and would have to find coverage elsewhere, which is often much more expensive or simply unavailable. The bill also includes reforms, which means it makes changes to how the program operates, though the specific reforms aren't detailed in the information provided.

For most people with flood insurance through this program, reauthorization means continuity and stability. They can keep their coverage without worrying about the program shutting down. However, any reforms included in the bill could affect how premiums are calculated, what types of properties are covered, or how claims are handled. People in flood-prone areas should pay attention to what specific reforms are included, as these could impact their insurance costs or coverage options going forward.

National Flood Insurance Program Reauthorization and Reform Act of 2023

Menendez, Robert

National Flood Insurance Program Reauthorization and Reform Act of 2023 This bill generally revises the National Flood Insurance Program (NFIP) and reauthorizes the program through FY2026. The bill addresses NFIP coverage, cost, and availability, including by <ul> <li>generally prohibiting the Federal Emergency Management Agency (FEMA) from raising certain premiums, surcharges, and fees more than 9% a year for five years; </li> <li>revising flood insurance coverage limits;</li> <li>establishing a means-tested program to provide financial assistance to low-income households through policy discounts; and</li> <li>revising standards and certification requirements for flood insurance rate maps.</li> </ul> The bill also revises administrative provisions of the NFIP, including by <ul> <li>allowing for the continuous operation of the NFIP during a lapse in appropriations, and</li> <li>prohibiting the Department of the Treasury from charging FEMA interest for NFIP debt for five years. </li> </ul> The bill sets forth requirements for Write Your Own companies related to reimbursements, agent commissions, and penalties for underpayment of claims. (A Write Your Own company writes and services federal standard flood insurance policies in its own name.) The bill establishes state or tribal government revolving funds for flood mitigation activities and also provides for loans, grants, and other incentives regarding mitigation. The bill also requires the creation of an appeals process for disputing NFIP premium rates.