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National Flood Insurance Program: 2023 Refresher and Updates

October 18, 2023

Via: JD Supra

As we enter the last quarter of a year that saw historic flooding across the country, including most recently in New York City, it is a good time to review the National Flood Insurance Program (NFIP) and highlight a few recent developments.

Those in the insurance industry are most likely to encounter the NFIP in the contexts of commercial real estate lending (either on the borrower or the lender side of the loan origination or modification process) and acquisition and management. Changes to the program can have important effects for commercial real estate lenders with respect to insurance underwriting requirements as well as other industry participants with respect to the availability of real estate financing and the affordability of risk management for projects in the certain areas of the country.

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