Humasan? Real Estate Blog: House delays flood insurance vote ...

On May 16, the U.S. House considered legislation that would extend the National Flood Insurance Program (NFIP) for 30 days, but it delayed a vote until May 17 or May 18. If approved, the bill will then go to the U.S. Senate for consideration. The NFIP is set to expire at the end of the month.

The U.S. Senate, however, is considering a longer-term extension of the program that includes reforms.

Republicans have said a 30-day extension could give the Senate the time it needs to consider the long-term extension; the House already passed a five-year extension last summer.

The NFIP is the only provider of flood insurance, and U.S. House Financial Services Committee Chair Spencer Bachus (R-Ala.) has said not reauthorizing the program before the end of the month would be disastrous for 21,000 communities in flood-prone areas of the United States as hurricane season officially starts on June 1.

The five-year extension and reform bill passed in the House would increase flood insurance premiums to match actual risk and allow for faster premium increases each year. H.R. 5740, which would extend the NFIP for 30-days, would require the government to start exploring how the flood insurance market could be privatized.

Source: INFORMATION, INC.

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