The National Flood Insurance Program (NFIP) will remain operating until December 18 after President Obama signed a temporary extension of the program. Last week, the House and Senate approved a continuing resolution for the NFIP as part of an appropriations bill for the Department of the Interior.
A long-term fix for the cash-strapped NFIP has foundered on the issue of whether or not to include a provision for wind damage. Rep. Gene Taylor (D-Miss.) has introduced the Multiple Peril Insurance of 2009, which would create a new option in the NFIP to cover both wind and flood damage in one policy. Private insurers largely object to the wind inclusion but are expressing gratitude for the temporary extension.
“We applaud Congress for ensuring the National Flood Insurance Program will remain in place and hope that it will enact a lengthier extension before the continuing resolution expires,” Jimi Grande, SVP of federal and political affairs for the National Association of Mutual Insurance Companies said in a statement. “While there’s certainly no shortage of important issues on Congress’ plate, we hope lawmakers will enact meaningful reforms that will protect homeowners without intruding on areas like windstorm coverage that are already being served by the private market.”
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access