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President Obama Signs Five-Year Extension of Flood Program

Posted on 09 Jul 2012 by Neilson

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NFIPPresident Obama last week signed into law a long-term extension of the National Flood Insurance Program (NFIP), to be in force through September 30, 2017.

Known as the Biggert-Waters Flood Insurance Reform Act of 2012, the legislation was passed bilaterally by Congress last week, included in a transportation funding bill. The legislations ensures that millions of home and business owners will be able to obtain affordable flood insurance. Viessi said the long-term extension will "end the uncertainty of NFIP stopgap extensions and shutdowns and will help bring stability to real estate markets."

An excess of 5.6 million property owners rely on the federal program for protection against flood-related catastrophes, which have killed more people and caused more property damage in the country in the past century than any other type of natural disaster. Floods have actually been declared in every state since 1990, in areas located along rivers or in areas where there is rainfall or snow.