On March 11, the president signed legislation passed by Congress that extends the National Flood Insurance Program’s (NFIP’s) authorization to the end of September 2022. FEMA and Congress have never failed to honor the flood insurance contracts in place with NFIP policyholders. Should the NFIP’s authorization lapse, FEMA would still have authority to ensure the payment of valid claims with available funds. However, FEMA would stop selling and renewing policies for millions of properties in communities across the nation.
[+]