While ALTA continues to urge Congress to pass a bill that would provide long-term certainty to the National Flood Insurance Program (NFIP) to ensure access to affordable flood insurance and end disruptions in closings when lapses occur, it looks as if another temporary extension will be approved.
Set to expire Nov. 18, the House and Senate are expected to pass another continuing resolution that will keep both the federal government and the NFIP running until Dec. 16.
On May 13, 2011, the House Financial Services Committee unanimously approved H.R. 1309, the Flood Insurance Reform Act (Biggert, R-IL; Waters, D-CA). The bill would extend the NFIP for five years. It also would reform the NFIP to strengthen participation and put the program back on the path to fiscal solvency, including by a) adding coverage options for business interruption and living expenses and indexing the limits; and b) improving the scientific integrity of floodplain mapping and streamlining the appeals processes.
Earlier this month, the U.S. Senate Banking Committee approved a five-year extension of the program. The bill awaits Senate floor action.