Congress: Suffolk’s Nick LaLota (R) Introduces Federal Bill to Improve National Flood Insurance Program (NFIP)

After a bipartisan deal to avoid a government shutdown extended the National Flood Insurance Program (NFIP) to February 2, 2024, U.S. Rep. Nick LaLota (R-Huntington, Smithtown, Brookhaven) has reintroduced the  Increased Cost of Compliance (ICC) Modernization Act. This bipartisan bill with U.S. Rep. Vicente Gonzalez (D-South Texas) seeks to increase available coverage for property owners in high-risk flood areas by improving the program’s long-term fiscal health. NAR President Tracy Kasper spoke up in support of this long-sought reform: “This bill would modernize the ICC by raising the limit, adding an additional coverage option, and no longer be counted toward NFIP’s coverage limit so that policyholders will not have to choose between essential home repairs and mitigation improvements.” Learn more here.