Senate extends flood insurance program
WASHINGTON — The U.S. Senate has voted to extend the National Flood Insurance Program (NFIP), which was slated to expire on December 18, through May 31, 2012, according to The Times-Picayune.
Senator David Vitter (R-LA), who sponsored the measure, is hopeful the House will also approve the measure quickly and that Congress will pass a bill next year extending the program for a full five years, giving it more stability, the article stated.
According to the article, the six-month extension passed by a voice vote, reflecting enough bipartisan support to avoid a repeat of 2010, when the program''s authorization lapsed four times.
"I''m glad that my Senate colleagues agreed with me that the National Flood Insurance Program is too important for us to allow it to lapse again," Vitter said.
"Last year, the program expired four times for a total of 53 days, causing lost real estate closing and further economic pain for residents of flood-prone areas," Vitter added.
During lapses in its congressional authorization, current flood insurance programs remain in effect, but new policies can''t be issued, the article noted.
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