Posted on 02 Oct 2009
Congress passed legislation extending the National Flood Insurance for one more month, set to now expire October 31. President Barack Obama signed the legislation into law just few hours before the program was set to expire on Wednesday.
The PCI commended the move, saying that it "we will work closely with the House and Senate to advocate a long-term extension that ensures the program's fiscal soundness and does not needlessly expand its scope into other areas, such as windstorm insurance, where coverage is already available through private industry or state programs."
Congress originally established the NFIP with the passage of the National Flood Insurance Act of 1968. The NFIP is a federal program enabling property owners in participating communities to purchase insurance as protection against flood losses in exchange for state and community floodplain management regulations that reduce future flood damages.