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Industry and senators warn against privatizing National Flood Insurance Program; say NFIP plays unique mapping and risk role
Summary
Industry representatives told the Senate committee that the National Flood Insurance Program (NFIP) supports millions of homeowners, provides mapping and community floodplain management, and that full privatization would be difficult to implement and would likely raise costs for many policyholders.
Industry witnesses and several senators at the Senate Banking, Housing and Urban Affairs Committee hearing warned that eliminating or fully privatizing the National Flood Insurance Program (NFIP) would pose significant affordability and implementation challenges for homeowners and communities.
Robert Gordon, senior vice president at the American Property Casualty Insurance Association, told the committee that flood is the most common disaster risk and that the NFIP currently supports about 4.7 million policyholders.…
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