Prof. Daniel Schwarcz Interviewed for NBC News on Reauthorization of National Flood Insurance Program

Professor Daniel Schwarcz, Fredrikson & Byron Professor of Law and Distinguished University Teaching Professor, was interviewed for NBC News about the National Flood Insurance Program (NFIP) which must be reauthorized by Sept. 30. Without action from Congress, it could be tougher to buy or sell a home in some areas, or to refinance an existing mortgage. Mortgage lenders may require applicants to obtain a policy before closing on a home, depending on the flood risk for the property. The NFIP is the largest flood insurer in the U.S. as homeowners insurance policies typically don’t cover flood damage. Prof. Schwarcz said, “There are very few private insurers that offer any type of flood insurance. There are some very niche types of policies out there … but for all intents and purposes,“ he said, the NFIP is “the only available option for flood insurance.”