At the end of this week, the National Flood Insurance Program is set to expire, but Senator Marco Rubio has introduced a proposal that seeks to reauthorize it until the end of September 2019.
On Wednesday, the legislation was introduced by Senator Rubio, Senator Bill Cassidy, John Kennedy and Robert Menendez with the intent that it “would ensure retroactive coverage in the event of a programmatic lapse.”
Commenting on the proposal, Rubio detailed that “The National Flood Insurance Program is critically important to my home state of Florida. It is extremely unfortunate that another extension is needed, but it is imperative that Congress does not allow the program to lapse. Floridians cannot afford that kind of uncertainty. I urge leadership to bring this up for a vote as soon as possible, and look forward to continued work with my colleagues on bipartisan reforms to ensure the program is affordable and sustainable.”
Rubio also added that “While I am frustrated with the continued need for extensions, it has become clear that we need additional time to come to a consensus on bipartisan and bicameral reforms to the NFIP. Floridians who reply on this program cannot afford this uncertainty when we enter the 2019 hurricane season. I urge my colleagues to pass this important extension as soon as possible.”
Menendez noted that “The National Flood Insurance Program needs to be comprehensively reformed to make the program more fair, affordable, efficient and solvent, which is what my SAFE NFIP would do. But with the NFIP extension expiring it’s critical that we prevent a lapse that would disrupt the real estate market and leave thousands of families uninsured and vulnerable. This extension will give Congress time to pass a long-term reauthorization with real, meaningful reforms in line with my SAFE NFIP Act, which is the most bipartisan flood insurance bill in the Senate.”