The Senate voted Tuesday to extend until 2013 a federal program that insures millions of U.S. homes against floods and to forgive $17 billion in debt that the program built up during Hurricane Katrina.
In an issue of concern to major insurers, such as Allstate Corp and State Farm, the Senate approved renewing the National Flood Insurance Program. It voted last week against adding wind damage coverage to the program.
The House last year also voted to extend the program, but added wind coverage, and refused to forgive the debt. Negotiators from both chambers must now work out stark differences in a compromise bill to send to President Bush for his signature.
Bush has threatened to veto the House bill. The insurance industry opposes adding wind coverage to the program.
(Reporting by Kevin Drawbaugh; editing by Jeffrey Benkoe)
Was this article valuable?
Here are more articles you may enjoy.
AI’s Water Strain Includes Surging Demand From Electricity Use 
Harbor Emerges From Stealth with $10M Funding to Handle AI-Agent Risk 
KCC Says Isaias Insured Losses to Be $3 Billion; AM Best Calls Storm an Earnings Event 
AI Bubble Risks Worst S&P 500 Crash Since 2008, Strategist Says 
