With the program set to expire at year’s end, President Obama has signed the latest in a series of temporary extensions to the National Flood Insurance Program (NFIP) into law.
Contained within the 2010 Defense Appropriations Bill that passed the Senate on Saturday, the extension keeps the program afloat until Feb. 28, 2010. A long-term extension of the NFIP has foundered upon how to fund the debt-laden program and whether or not to include a provision for wind damage.
“We applaud the Senate for keeping the National Flood Insurance Program in place,” Ben McKay, SVP of federal affairs for Property Casualty Insurers Association of America, said in a statement. “We look forward to working with the House and Senate in 2010 to advocate a long-term extension that ensures the program’s fiscal soundness and protects homeowners.”
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