Sponsors (3)
This bill preserves near-term access to federally backed flood insurance and maintains FEMA's claims and program capacity to prevent immediate disruptions, but it increases taxpayer exposure and delays needed long-term reforms to the NFIP.
Homeowners, renters, and businesses in flood-prone areas keep the ability to buy or renew NFIP-backed flood insurance through December 31, 2026, preventing immediate loss of federally backed coverage.
Mortgage borrowers, lenders, and disaster survivors avoid an abrupt lapse in required flood insurance certifications, reducing the risk of disrupted mortgage closings and interruptions to recovery and rebuilding efforts.
FEMA retains its authority and funding mechanism to underwrite claims and run flood-risk programs through the extension, preserving federal capacity for disaster response and program administration in the near term.
Extending NFIP authority increases federal exposure to future flood losses, which could raise costs for taxpayers if major claims occur before program solvency is addressed.
A short-term extension postpones longer-term reforms or private-market solutions, prolonging reliance on a program with known solvency and pricing issues.
Based on analysis of 2 sections of legislative text.
Extends the National Flood Insurance Program's authorization and financing authority through December 31, 2026.
Introduced March 13, 2025 by Bill Cassidy · Last progress March 13, 2025
Extends the statutory authorization and financing authority for the National Flood Insurance Program (NFIP) by replacing the prior September 30, 2023 expiration/financing dates with December 31, 2026. The change keeps the NFIP operating and preserves its ability to collect premiums and use its financing authority through the end of 2026.