H.R. 2822: To extend the National Flood Insurance Program through December 31, 2026.

This bill aims to extend the National Flood Insurance Program (NFIP) until December 31, 2026. The NFIP, established by the National Flood Insurance Act of 1968, is a federal program that provides insurance against flood damage to property owners. The key components of the bill are as follows:

1. Extension of Funding Period

The bill changes the deadline for the NFIP's funding and operational period from September 30, 2023, to December 31, 2026. This allows the program to continue providing flood insurance to property owners without interruption until the end of 2026.

2. Amendment Details

• Financing: The bill modifies the financing section of the NFIP, ensuring that the program has the necessary funding through the newly established deadline.
• Program Expiration: The bill also alters the expiration details of the program, aligning it with the new funding deadline of December 31, 2026.

By extending the NFIP, the bill seeks to provide stability and support for those living in flood-prone areas, ensuring they have access to necessary insurance coverage to protect their properties from flood damage. The legislation does not make changes to the existing insurance policies or rates but focuses on maintaining the program's continuity.

Relevant Companies

• PGR - The Progressive Corporation: The company provides insurance products and may see an impact due to changing flood insurance requirements.
• ALL - Allstate Corporation: As a major insurer, Allstate could be affected by the extended NFIP in terms of policy offerings and claims management related to flood insurance.
• MET - MetLife, Inc.: With its involvement in property insurance, MetLife may need to adapt to any changes in the federal flood insurance landscape.