Congress Passes a 5-Year Reauthorization of the NFIP

On July 6th, the Biggert-Waters Flood Insurance Reform Act of 2012 was signed into law. This new legislation resulted in the 5-year reauthorization of the National Flood Insurance Program (NFIP), which offers affordable flood insurance to home and business owners across the nation.

Per the National Association of Realtors, who applauded Congress for this significant legislation, “More than 5.6 million property owners rely on the program against flood-related disasters, which claimed more lives and property than any other natural disaster in the U.S. over the past century. In fact, floods are the most common natural disaster in the country; since 1990 floods have been declared in every state, along rivers and anywhere rain falls or snow melts.”

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