WASHINGTON — Both the U.S. House of Representatives and the U.S. Senate have approved legislation that would extend the National Flood Insurance Program (NFIP) for five years, according to a press release.
The extension was contained in a transportation funding bill given final approval by both chambers on Friday, the release stated.
According to the release, the bill extends the NFIP — which was slated to expire next month — until September 30, 2017.
The measure also reforms the program through such actions as phasing out subsidies for many properties, raising the cap on annual premium increases to 20 percent from 10 percent, imposing minimum deductibles for flood claims, and requiring the NFIP administrator to develop a plan for repaying the debt incurred from Hurricane Katrina, the release noted.
Click here to read the complete release.