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The National Flood Insurance Program (NFIP) was created in 1968 to provide government insurance protection against flood risks. 50 years later, the program has a monopoly, has borrowed over $30 billion from taxpayers, and operates a $1.4 billion annual deficit. The 21st Century Flood Reform Act aims to reauthorize the NFIP for five years, introduce private market competition, and provide programmatic reform to help policyholders. The Act includes provisions such as decreasing annual rate increases, limiting chargeable risk premiums, and establishing a private market for flood insurance. It also requires consideration of unique characteristics of local inland properties, monthly installment payment of premiums, and the establishment of Flood Damage Savings Accounts. The Act is supported by various industry stakeholders, including the National Association of Realtors and the Property Casualty Insurers Association of America.