The National Flood Insurance Program (NFIP) is the primary source of flood insurance for over five million families and businesses. Reauthorizing it keeps these people and businesses protected in case of floods, which are becoming increasingly common. Congress needs to ensure that the NFIP doesn’t lapse for even a short period of time.
The NFIP’s existence prevents the private sector from offering its own flood insurance options, which could be better-run and more efficient than the NFIP (which is in tremendous debt). Rather than extending NFIP, Congress should encourage the private sector to offer flood insurance again, as it did before the 1950s.