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PCI Applauds NFIP Short-Term Extension

Source: PCI

Posted on 11 Mar 2009

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David A. Sampson, president and CEO of the Property Casualty Insurers Association of America (PCI), today issued the following statement in response to House and Senate passage of an omnibus bill including a short-term extension (through Sept. 30) of the National Flood Insurance Program (NFIP):

“PCI applauds Congress for acting to keep the National Flood Insurance Program in place. Allowing the program to expire would have very negative consequences for policyholders and also for the nation’s economy. Most home buyers use federally backed mortgages to purchase property, and such mortgages are prohibited by law for homes in floodplains unless they have flood insurance. Therefore it is crucial to keep this vital program running.

“We continue to seek long-term reforms to this program to shore up its fiscal soundness. We will work closely with the House and Senate to advocate a long-term extension that preserves the program’s viability and does not needlessly expand its scope into other areas, such as windstorm insurance, where coverage is already available through private industry or state programs.”