Posted on 24 Sep 2010
The U.S. House of Representatives voted on Thursday to extend for a year the National Flood Insurance Program (NFIP), which a insures more than 5.5 million homes and businesses against floods. President Barack Obama is expected to sign the measure into law.
The flood program is slated to expire on September 30, and this legislation, which was passed by the Senate earlier in the week, would extend the program until September 30, 2011.
"A one year extension gives Congress the time necessary to debate the more fundamental reforms the program needs. But, between now and then, homeowners living in flood-prone areas will have the stability, protection and peace of mind to go on with their lives," said Blain Rethmeier, a spokesman for the American Insurance Association, an industry group.