The Senate unanimously passed a 60-day extension of the National Flood Insurance program today.
The House of Representatives is set to return from recess next week, at which point they will consider the 60-day extension. The House will be expected to pass the measure accordingly in order to sustain the current NFIP program, which is set to expire May 31.
The 60-day extension also contains a provision that removes subsidies granted to second homes and vacation homes by the NFIP. According to the Independent Insurance Agents & Brokers of America (Big “I”), the provision “was included to ensure the measure gained unanimous consent and is also part of S. 1940,” which is the long-term reform approved by the Senate and supported by the Big “I”.
Industry advocacy groups have been lobbying for reforms and a long-term extension for weeks, however, the reforms approved in the Senate last year have yet to coalesce in the House.
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