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Thursday the U.S. House of Representatives for passed S. 3814, the “Flood Insurance Extension Act of 2010,” which extends the program through Sept. 30, 2011. The bill previously passed in the Senate by unanimous consent late Tuesday night. President Barack Obama is expected to sign the bill into law before Sept. 30, 2010, when the National Flood Insurance Program (NFIP) is currently set to expire.
The NFIP recently encountered a month-long expiration and was currently set to expire on Sept. 30, 2010. The Big “I” actively sought this extension on behalf of consumer and agents noting the program has worked for more than 40 years to help protect consumers from flood risks, and Congress has traditionally extended the program for five year periods in order to provide stability for the marketplace. Unfortunately, Congress has recently only extended the program for short periods, from 30 days to six months. The latest expiration period was the third such lapse this year alone. The Big “I” recently joined forces with seven other major trade associations in sending a letter to the House and Senate leadership urging them to pass a one year extension of this critical program. Click HERE to read the letter.
“Unfortunately, recent years have provided ample evidence of the destruction left behind by floods that highlight the urgency and importance of the NFIP,” says John Prible, Big “I” vice president for federal government affairs. “The Big ‘I’ looks forward to working with Congress and the Obama administration next year to also implement much needed reforms including adding business interruption insurance and additional living expenses coverage to the program.”