House Passes Flood Insurance Extension; Senate Must Still Vote

June 23, 2010

The House of Representatives has passed another temporary extension of the National Flood Insurance Program until Sept. 30, 2010.

The program has been suspended from issuing new policies since May 31. Reauthorization provisions have been embedded in controversial legislation on jobless benefits and tax breaks that has been twice voted down in the Senate.

The newly-passed House bill, HR 5569, was sponsored Rep. Maxine Waters, D-Calif., and Rep. Walter Jones, R-N.C.

The Senate must still act on it.

The Independent Insurance Agents and Brokers of America (Big “I”) commended the House for its vote and urged the Senate to act quickly.

“The program has been expired since May 31, putting millions of consumers at risk from the economic dangers of flood right in the midst of the hurricane season and storm season in the Midwest. The expiration has also threatened to wreak havoc in both the real estate and insurance markets during a period of great economic difficulty. It is vital that the program be extended and we therefore urge the Senate to act on this bill without delay,” said Charles Symington, Big “I” senior vice president of government affairs.

The program has been unable to issue new or renewal policies since it was shut down May 31, although it is still paying claims. It is the fourth time in the past year that the program has been interrupted due to the failure of Congress to reauthorize it for an extended period.

The Big “I” and other industry groups hope that Congress will move beyond temporary extensions and pass legislation that authorizes the program for five years and makes certain reforms to it.

Subscribe Like this article?
Subscribe to our free email newsletter.

Latest Comments

  • June 30, 2010 at 2:16 am
    Gina says:
    This is beyond ridiculous. It will take a politician that cannot buy or sell a home in a flood zone to make something happen! Despite recent news claiming that we can proceed ... read more
  • June 30, 2010 at 10:59 am
    Linda D says:
    Just read that senate did not have enough votes last night to extend flood insurance coverage. Democrat Senator from Illinois would not let it be stand alone bill. Wanted it... read more
  • June 29, 2010 at 6:38 am
    Sylvia Grove says:
    Senators! Vote yes today to pass the flood insurance extension! A large part of the sell of homes sitting in a flood zone no matter how minute have come to a screeching halt. ... read more
See all comments

Add a Comment

Your email address will not be published. Required fields are marked *

*

More News
More News Features