A measure to extend the national flood insurance program until September 30, 2021 was adopted by the US House of Representatives on Tuesday as part of a broader state funding law.
The House voted 359 to 57 in favor of the financing measure, which must now be approved by the Senate. The NFIP will currently expire in a week on 30 September.
Progress was welcomed by industry organizations including the Risk and Insurance Management Society Inc. and the Independent Insurance Agents & Brokers of America Inc.
"If this year has taught us anything, it is that risk professionals need to be proactive and address catastrophic issues, such as flooding, before the damage becomes too great, "said RIMS President Laura Langone.
on Thursday, the Independent Insurance Agents & Brokers of America Inc. called on the Senate to extend the NFIP before the end of September 30.
about tasteful storms and disrupt real estate markets across the country, ”says Wyatt Stewart, Big & # 39; I & # 39; assis Vice President of Federal Government Affairs.
Congress has not yet approved a longer term of the NFIP, as the debate continues on options to reform the program.