WASHINGTON — The National Flood Insurance Program (NFIP) is set to lapse this spring; in order for its coverage to continue Congress must act, according to The News Star.
U.S. Senator David Vitter and Senator Jon Tester of Montana have called on Senate leadership this week to allow a vote on legislation, which would extend the flood insurance program for another five years, the article stated.
"Each time the NFIP approaches its expiration date, it causes a great deal of turmoil in the housing market because of the uncertainty surrounding the program. We can easily prevent this from happening," said Vitter.
According to the article, the NFIP was created in 1968 to provide affordable coverage; recent powerful hurricanes such as Katrina have pushed the program into debt, causing renewal to be tricky.
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