A bipartisan bill has been introduced in the House of Representatives to reauthorize the National Flood Insurance Program through 2026.

The bill provides for retroactive renewals for policies that may have lapsed during the government shutdown. The holders of some of those policies would be open to steep increases in rates if the long shutdown caused the normal 30-day grace period for policy renewals to expire.

Louisiana Democrat Troy Carter and Mississippi Republican Mike Ezell introduced the legislation, calling expired flood policies a people problem, not a partisan one.

Under FEMA’s controversial Risk Rating 2.0, existing policyholders are gradually moved to new full-risk rates that are part of a new system. Lapsed policies that have passed the grace period would transition to the new rates immediately.

The Coalition for Sustainable Flood Insurance analyzed the change in rates and found that premiums under Risk Rating 2.0 are at least 50% higher in 41 states, including New Jersey.

House Bill 5848, the NFIP Retroactive Renewal and Reauthorization Act, has been referred to the House Committee on Financial Services.

“Now more than ever, American families are reliant on the protection offered by a strong, resilient National Flood Insurance Program. The American Policyholder Association strongly encourages the passage of the NFIP Renewal and Re-authorization Act,” said Doug Quinn, executive director of the association.

Read the full bill text here.

Contact the reporter, Vince Conti, at vconti@cmcherald.com.