The City of St. Petersburg, FL., is in a predicament. Surrounded by water on three sides, sea levels have risen by about an inch per decade since the 1940s-and are expected to rise several more feet in the next 80 years. Hundreds of communities face similar threats as Congress continues to debate a long-term extension to the National Flood Insurance Program (NFIP).
Last year, the House passed a long-term reauthorization of the NFIP, including NAR-backed reforms to improve the program’s soundness. These reforms would make funds available to cities to address flooding and to owners to make their properties less susceptible to damage. NAR is seeking passage of the legislation in the Senate. In the meantime, a short-term extension of the existing program expires in a few weeks.