National Flood Insurance Re-Authorized

The Biggert-Waters Flood Insurance Reform Act of 2012 was passed late last week as part of a transportation funding bill and signed into law by the president on July 6, 2012. The legislation extends National Flood Insurance Program (NFIP) authority through September 30, 2017.


This 5 year re-authorization of the National Flood Insurance Program ensures access to affordable flood insurance for millions of home and business owners across the country. The 5-year re-authorization will end the uncertainty of NFIP stopgap extensions and shutdowns.


This legislation is especially important to Grand Strand property owners as flood insurance is required for mortgages. Without NFIP flood insurance rates would sky rocket, pricing many out of the market and further depressing coastal South Carolina prices.