State funding legislation, including an extension of the national flood insurance program through September 30, 2021, was signed into law by President Trump on Thursday.
The US Senate on Wednesday had voted 84 to 10 in favor of the legislation. who had passed the House last week.
The re-authorization of the program, just as the NFIP was scheduled to expire on September 30, was welcomed by industry organizations including the National Association of Mutual Insurance Companies and the Independent Insurance Agents & Brokers of America Inc.
"For a year that has seen an unparalleled hurricane and tropical storm activity as well as economic unrest, Congress simply could not allow the NFIP to lapse, and we commend leaders on both sides at a time to recognize it, "Jimi Grande, senior vice president of government affairs for NAMIC, said in a statement.
The one-year extension gives Congress "additional time to build consensus on common sense reforms for NFIP a and to consider policies to help more property owners obtain flood insurance through NFIP and the private market," said independent insurance agents and brokers in America in
Congress has not yet approved a long-term extension of the NFIP, while the debate continues on options for reforming the program.
Although the broader government funding included in the continued resolution only runs until 1