Friday, Jun 01,2012
By: Carrie Van Brunt-Wiley
With authorization for the National Flood Insurance Program set to expire yesterday, President Barack Obama signed off on another short-term extension passed quickly by Congress to keep the program from lapsing again.
The bill continues the program through the end of July at its current funding levels. It is the latest in a series of short-term flood insurance extensions passed by lawmakers since 2008. The NFIP offers government-backed flood coverage, which serves as a supplement to home or business insurance.
"This short-term extension of the National Flood Insurance program provides property owners, renters and businesses critical time to renew, purchase, or modify insurance policies to protect themselves against the devastating effects of flooding," said FEMA Administrator Craig Fugate.
Four different times lawmakers have allowed the program to lapse before extending it retroactively. That uncertainty has led many groups to push for a long-term solution for the program, which has been in severe debt for years.
The House has already passed a bill which would revamp the program and extend it for five years. However, the full Senate has yet to debate the reform bill.
» Meet the HomeInsurance.com Editorial News Team
Related Home Insurance Articles:
- White House requests $60 billion for Sandy relief Friday, Dec 14,2012
- Superstorm was predicted decades ago, according to observers Tuesday, Dec 11,2012
- Insurance tips for wintry weather Monday, Dec 10,2012
- FEMA may need support following 2012 season Thursday, Dec 06,2012
- 2012 hurricane season draws to a close Wednesday, Dec 05,2012
