BECKLEY — Three U.S. senators, including Shelley Moore Capito, R-W.Va., introduced legislation Thursday to reauthorize the National Flood Insurance Program (NFIP) for 10 years.
The NFIP is currently set to expire on Sept. 30.
“Almost one year later, West Virginia continues to pick up the pieces from the devastating flood that ripped through our state,” Capito said. “The National Flood Insurance Program is important for communities that have experienced severe flood damage like those in West Virginia.”
She said this legislation will eliminate uncertainty for residents by reauthorizing the program for another decade. Last June’s flooding in West Virginia damaged thousands of homes and businesses — nearly 90 percent were not covered by flood insurance.
Flood insurance is currently too expensive for many West Virginians to afford, Capito noted in a release. Additionally, many of the impacted communities were already facing economic challenges making the cost of rebuilding structures difficult for many business owners and families.
Capito said this legislation will help reduce the individual insurance costs of the NFIP and provides funding for mapping flood zones, and affordable protection for West Virginia homes and businesses vulnerable to future natural disasters.
Joining Capito in introducing the legislation were Dr. Bill Cassidy, R-La., and Kristen Gillibrand, D-N.Y., states which have both seen flood devastation.
“This is a product of listening to those affected, finding from stakeholders those policies that would address affordability and sustainability within the NFIP,” Cassidy said. “The goal of this bipartisan bill is to bring peace of mind for Louisiana families, and for all American families, seeking to buy flood insurance.”
Gillibrand said millions of New Yorkers rely on the NFIP to protect their property when a flood occurs.
“After Superstorm Sandy hit New York, this program failed too many families who had paid their premiums and were relying on their insurance to rebuild. We cannot turn our backs and let this happen again.”
This legislation reforms the NFIP by enhancing flood insurance affordability and accessibility; enhancing NFIP solvency and sustainability; providing private market access, accountability and competition; and enhancing NFIP transparency and accountability.