S.1015 - To extend the National Flood Insurance Program through December 31, 2026. (119th Congress)
Summary
S.1015 proposes to extend the National Flood Insurance Program (NFIP) through December 31, 2026. This extension would prevent the program from lapsing, ensuring continued availability of flood insurance to homeowners and businesses in flood-prone areas. The bill amends sections of the National Flood Insurance Act of 1968 to reflect the new expiration date.
Expected Effects
The primary effect of this bill is to maintain the NFIP's operation, allowing existing policyholders to renew their coverage and new applicants to obtain flood insurance. Without this extension, the NFIP would expire, potentially leaving many property owners uninsured against flood damage. This could have significant financial repercussions for individuals and communities.
Potential Benefits
- Provides continued access to flood insurance for homeowners and businesses.
- Maintains stability in the real estate market in flood-prone areas.
- Reduces the financial risk to individuals and communities from flood damage.
- Allows for ongoing assessment and potential reforms to the NFIP.
- Prevents disruption in the housing market related to property sales and mortgages.
Potential Disadvantages
- Perpetuates potential inefficiencies and financial risks associated with the NFIP.
- May delay necessary reforms to address the program's long-term solvency.
- Could incentivize development in flood-prone areas.
- Does not address the underlying issues of rising sea levels and increased flood risk due to climate change.
- May not adequately protect low-income homeowners who struggle to afford flood insurance.
Constitutional Alignment
The bill aligns with the Constitution's Article I, Section 8, which grants Congress the power to collect taxes, duties, imposts, and excises, to pay the debts and provide for the common defense and general welfare of the United States. The NFIP can be seen as promoting the general welfare by providing financial protection against flood damage. The extension itself is a legislative action falling squarely within Congress's enumerated powers.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).