Florida Chief Financial Officer (CFO) Jimmy Patronis released the following statement on congressional action to extend the National Flood Insurance Program (NFIP) until November 30, 2018, coinciding with the end of the 2018 Hurricane Season.
“Flooding is a statewide issue, not just a coastal concern, and it’s important that Florida families take the steps needed to protect their largest asset—their home—from damage. One of the best ways to do this is to have flood insurance. As we approach the peak of the 2018 Hurricane Season, a lapse of the NFIP would have a devastating impact on our state. Considering that floods in Florida have cost more than $5.1 billion over the last 40 years, Florida families and businesses can’t be blindsided when it comes to flood protections.
“The extension comes while talk continues about reforming the program. Any discussion must include keeping rates affordable for Floridians. As the largest donor state to the NFIP, Floridians shoulder the majority of the financial burden for a much-needed coverage. Insurance market certainty and protecting our taxpayers are essential to reforms, but we must also support and encourage private sector involvement. Florida has been a leader in crafting private market solutions and a competitive marketplace will help protect our residents at a reasonable cost.”