The Property Casualty Insurers Association of America issued a press release today urging Congress to extend the National Flood Insurance Program (NFIP) before the November 18th deadline (which is the day after tomorrow.) If Congress does not act, the PCI warns that many communities across the nation will be affected.
“More than 5.6 million Americans rely on flood insurance,” says Ben McKay, PCI’s senior vice president of federal government relations. “We urge Congress to move expeditiously to avoid a lapse in the flood insurance program” as it “…is set to expire in less than 72 hours.”
In 2010, the NFIP lapsed four different times and as a result flood coverage was unavailable for purchase or renewal for a total of 53 days. The PCI says that previous lapses in NFIP coverage also have created uncertainty in the housing market and the economy while leaving homes and businesses even more vulnerable to devastating floods.