As lawmakers head into the Memorial Day recess, they are leaving behind some unfinished business. The latest extension of the beleaguered National Flood Insurance Program (NFIP) is due to expire on 12:01 am, June 1.
The NFIP has limped along on a series on temporary extensions as lawmakers have been unable to craft a lasting concordance on the program. Lawmakers from coastal areas would prefer from a multi-peril program that includes coverage for wind damage, while the insurance industry has countered that such an inclusion would drive private insurers from the market. The NFIP is also debt-laden. A 2008 report by the U.S. Government Accountability Office (GAO) concluded that the NFIP owes the U.S. Treasury $17 billion and is ill equipped to meet losses in the event of a future catastrophe.
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