Sponsors (2)
Introduced March 14, 2025 by Andrew R. Garbarino · Last progress March 14, 2025
The bill preserves short-term flood insurance access and NFIP liquidity through Sept 30, 2025, but increases near-term taxpayer risk and may prolong uncertainty by delaying permanent reforms.
Homeowners and renters in flood-prone areas can continue to buy and renew National Flood Insurance Program (NFIP) policies through Sept 30, 2025, preserving near-term access to flood coverage.
FEMA can keep issuing notes/obligations and rely on extended borrowing authority through Sept 30, 2025, maintaining NFIP liquidity so claims are paid and operations continue after disasters.
Taxpayers could face increased financial exposure if expanded NFIP borrowing is used to cover large disaster claims during the extension.
Homeowners, state and local governments may face prolonged uncertainty about the NFIP's long-term structure if the extension delays permanent reform beyond 2025.
Based on analysis of 2 sections of legislative text.
Moves two statutory NFIP dates from Sept 30, 2023 to Sept 30, 2025 and makes the change retroactive to March 14, 2025 if enacted later.
Extends two statutory dates in the National Flood Insurance Act of 1968 from September 30, 2023 to September 30, 2025, preserving current NFIP authorities and limits through that later date. If the bill is enacted after March 14, 2025, the change is retroactive and treated as having taken effect on March 14, 2025.