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.
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