Flood Insurance Extension Awaits House Vote

03/18/2010

With more than one-third of the nation facing flood risk, legislators on Capitol Hill are taking action to extend a bill providing flood insurance.

The National Flood Insurance Program, which is operated by the Federal Emergency Management Agency, may be extended through the rest of 2010 through the American Workers, State, and Business Relief Act of 2010. The bill passed 62 to 36 in the U.S. Senate and currently awaits voting in the House of Representatives, according to a report by Insurance Journal.

The bill also has provisions offering tax relief for certain customers and individuals, as well as tax credits for renewable energy installations.

In honor of National Flood Safety Awareness week, FEMA and the National Oceanic and Atmospheric Administration have partnered to educate consumers about flood damage, which is covered in standard home insurance policies.

"It's important that families take steps now to protect themselves and their homes against a potential flood," said FEMA Administrator Craig Fugate. "Most flood insurance policies take 30 days to become effective, so the time to take action is now."

The program is currently scheduled to expire on March 28, and was briefly suspended earlier this month. NFIP was prohibited from renewing or offering new policies during the suspension.

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