Us Congress 2023-2024 Regular Session

Us Congress House Bill HB1392

Introduced
3/7/23  

Caption

National Flood Insurance Program Extension Act of 2023

Impact

The extension of the NFIP is significant as it allows for ongoing support to homeowners and businesses that rely on flood insurance to protect their properties from flood damage. Without this reauthorization, the program would have lapsed, potentially leaving many individuals and communities vulnerable to financial loss in the event of flooding. The bill underscores the importance of federal intervention in managing flood risks and affirms the government's role in aiding disaster recovery and preparedness.

Summary

House Bill 1392, titled the National Flood Insurance Program Extension Act of 2023, aims to extend the authorization of the National Flood Insurance Program (NFIP) through December 31, 2024. The bill is introduced amid concerns regarding the current inefficiencies and gaps in the flood insurance system that the NFIP provides to homeowners in flood-prone areas. By reauthorizing the program, the bill seeks to ensure continued availability of flood insurance for millions of Americans, which is crucial for risk management in communities susceptible to flooding.

Contention

Notably, discussions surrounding HB1392 may revolve around the efficacy and financial sustainability of the NFIP. Critics argue that the program has faced ongoing financial challenges and relies heavily on taxpayer funding, which raises questions about its long-term viability. Moreover, there are differing opinions on how well the NFIP incentivizes responsible floodplain management practices. Advocates for reform may insist on structural changes to the program to address these concerns, while supporters of the status quo emphasize the need for reliable insurance options for homeowners.

Companion Bills

US SB2391

Related NFIP Extension Act of 2023

US SB2968

Related NFIP Extension through 2023 Act

US HB5828

Related NFIP Extension Act of 2023

Previously Filed As

US HB4349

National Flood Insurance Program Reauthorization and Reform Act of 2023

US SB2142

National Flood Insurance Program Reauthorization and Reform Act of 2023

US HB1540

National Flood Insurance Program Affordability Act

US HB9809

Protecting Families and the Solvency of the National Flood Insurance Program Act of 2024

US HB10543

To reauthorize the National Flood Insurance Program.

US HB2822

To extend the National Flood Insurance Program through December 31, 2026.

US HB1309

To require the use of replacement cost value in determining the premium rates for flood insurance coverage under the National Flood Insurance Act, and for other purposes.

US HB4686

Flood Insurance Affordability Act

US SB2391

NFIP Extension Act of 2023

US HB5828

NFIP Extension Act of 2023

Similar Bills

No similar bills found.