With another expiration date looming in September, lawmakers are seeking another temporary extension to the National Flood Insurance Program (NFIP). Rep. Maxine Waters (D-Calif.) and House Financial Services Chairman Barney Frank (D-Mass.) introduced legislation that would continue the NFIP until March 2010.
A long term extension of the program has been held up by competing opinions on whether to include coverage for wind damage in the program. Some, including the Property Casualty Insurers Association of America (PCI) contend a wind inclusion is unnecessary and will crowd our private-market insurers. Others, including Rep. Gene Taylor (D-Miss.) whose district was pummeled by Hurricane Katrina, say excluding wind damage enables private insurers to shirk responsibility for wind damage and shift the burden to the flood program and taxpayers. Taylor introduced The Multiple Peril Insurance Act of 2009 in March.
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