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Read. Follow. Verify.National Flood Insurance Program Reauthorization and Reform Act of 2023
Last action · March 12, 2024: Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-548.
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What This Bill Would Do
This bill proposes to extend the National Flood Insurance Program (NFIP) for five years, through September 30, 2028. It introduces new consumer protections, caps annual premium increases at 9%, and establishes new and loan programs to help property owners reduce flood risks.
This bill determines the future availability and cost of federal flood insurance for millions of homeowners and businesses, while setting new rules for how claims are processed and how insurance companies are compensated.
Who It Would Affect
Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.
NFIP Policyholders
Policyholders are subject to new premium caps, potential monthly payment options, and new protections regarding claim processing and engineer reports.
Write Your Own (WYO) Insurance Companies
These private companies face new caps on compensation, increased transparency requirements, and stricter accountability for claim payments.
Federal Emergency Management Agency (FEMA)
FEMA is tasked with implementing the new mitigation programs, managing the updated premium structures, and overseeing the revised claims processes.
Key Facts
- Extends the authorization of the National Flood Insurance Program (NFIP) from September 30, 2023, to September 30, 2028.
- Caps annual flood insurance premium increases at 9% for a five-year period.
- Ensures the NFIP can continue operating during government shutdowns by allowing the use of existing funds when appropriations lapse.
- Creates a new means-tested assistance program for policyholders.
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- Introduces optional monthly installment plans for premium payments.
- Establishes new mitigation loan programs and revolving loan funds for flood-risk reduction.
- Requires new transparency measures for third-party service provider costs and Write Your Own (WYO) company compensation.
- Mandates improved training for floodplain managers, insurance agents, and adjusters.
- Sets new requirements for claims processing deadlines and prohibits the manipulation of engineer reports.
- Requires disclosure of flood risk information to buyers prior to the transfer of property.
Frequently Asked Questions
Will my flood insurance premiums go up?
What happens if the government shuts down?
Does this bill help with flood mitigation costs?
What else do you want to know?
News Coverage
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Votes, people, money & the original sourceWhere This Stands
Currently in committee. The next step in the legislative lifecycle is Floor Vote.
Version history
Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.
View official text →Full breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Shutdown-Proofing
The bill explicitly creates a mechanism to keep the flood insurance program running during government shutdowns, a shift from previous reliance on temporary stop-gap measures.
Connected Entities
Sources
www.congress.gov
Analysis Score
0–100- Significance90How much this matters to a regular citizen
- Controversy40Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz30Current news / social attention level
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