Short-Term Flood Insurance Extension Passes

Legislation extending the National Flood Insurance Program (NFIP) to Nov. 18 passed yesterday (Oct. 4), just days after the federal program, nearing expiration, was extended for a week. The latest extension earned the approval of insurance groups, although one national coalition says temporary extensions are not enough.

The bill (H.R. 2608) provides short-term appropriated funding for discretionary government operations, including NFIP, through Nov. 18. It passed in the U.S. House of Representatives 352-66. President Obama is expected to sign to bill later today (Oct. 4), according to the Independent Insurance Agents & Brokers of America (Big I). The bill was passed by the Senate late last week.

The House and Senate are working on legislation that would provide a five-year extension of the NFIP, which protects about 5.4 million property owners whose properties are in flood-prone areas. The House overwhelmingly passed its version of the legislation (H.R. 1309) July 12. The Senate Committee on Banking passed its version, the Flood Insurance Reform and Modernization Act, but the full Senate must vote on the bill, before the House and Senate can agree on a final bill.

Source: Insurance and Financial Advisor

 

 

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