Waters, McHenry Reach Consensus on Flood Insurance

In a long-awaited move late last week, House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) and Ranking Member Patrick McHenry (R-N.C.) announced that they have reached an agreement on a five-year extension of the National Flood Insurance Program.

Their draft bill—which is expected to receive a markup in the committee on Tuesday—would extend the program through Sept. 30, 2024, and would include a series of reforms to the program’s operations.
 
Specifically, the bill would address affordability issues, improve the flood mapping program and improve floodplain management and mitigation. It would also take steps to modernize the NFIP, including the introduction of a “continuous coverage” provision that allows borrowers leaving the program to purchase private flood insurance to return to the NFIP without penalty.
 
View the draft bill.