Senate May Take Up FEMA Flood Reform Delay

The U.S. Senate may soon consider changes to the Biggert-Waters Flood Insurance Reform Act, the 2012 law that reformed the FEMA flood insurance program, including its risk mapping activities.

The Senate is expected to move as early as Wednesday, January 8 to consider legislation that would delay for four years any phase-outs of premium subsidies for second homes and business properties insured by the National Flood Insurance Program. The bill also would halt efforts to update the NFIP's Flood Insurance Rate Maps and to phase-in appropriate risk-based rates for those properties whose designations have changed.

Because the NFIP's statutory authority is scheduled to expire at the end of 2017, a four-year delay would effectively gut reforms that were passed by Congress by overwhelming margins in 2012. The NFIP remains roughly $24 billion in debt to U.S. taxpayers and hasn't repaid any principal on its loans since 2010.