America’s Credit Unions supports long-term reauthorization of the National Flood Insurance Program (NFIP) with reforms that improve the program and protect homeowners and their families from natural disasters, wrote America’s Credit Unions President/CEO Jim Nussle in a letter to the Senate Banking Committee Wednesday.
Ahead of today’s hearing on the reauthorization of the NFIP, Nussle encouraged the committee to ensure:
- the cost of flood insurance premiums are rooted in the actual flooding risk of the property;
- the refunding of premiums paid on properties inadvertently included in special flood hazard areas; and
- the reduction of premiums based on the implementation of flood mitigation steps.
He also noted that the association supports reforms that make premiums affordable for working families, adding his support for the new risk calculating methodology “to create a more equitable and sustainable flood insurance program by addressing rating disparities.” Nussle expressed that a strong, affordable NFIP will protect communities and the nation’s housing market.
America’s Credit Unions will continue to advocate for NFIP funding and improvements.