House Passes Congresswoman Waters’ Bill to Extend Flood Insurance Program
The U.S. House of Representatives today passed legislation (H.R. 5569) introduced by Congresswoman Maxine Waters (D-CA) to extend the National Flood Insurance Program (NFIP) until September 30th. NFIP is the primary source of reliable, affordable flood insurance coverage for millions of American homes and businesses.
Congress has passed several short-term extensions of NFIP this year, but it lapsed on June 1st. However, H.R. 5569 would be retroactive until May 31st.
The House recently passed an extension of NFIP through December 30 as part of a jobs bill (H.R. 4213), but the Senate has not yet passed that legislation.
Congresswoman Waters, chairwoman of the Subcommittee on Housing and Community Opportunity, drafted a legislative reform package (H.R. 5114) that reauthorizes NFIP for 5 years. The Financial Services Committee passed her bill in April, and it currently awaits consideration by the full House.
Until Congress takes action for this long-term fix, she hopes that the Senate will also pass an extension through September.
"Extending the flood insurance program is important. Although homeowners who currently have flood insurance policies remain covered, no new policies can be issued unless the Senate acts now. The expiration of the program has left homeowners and prospective homebuyers in flood areas unable to buy insurance," said Congresswoman Waters.
With NFIP now unavailable for new flood insurance policies, approximately 1200 homebuyers a day are unable to close on their homes according to the National Association of Mutual Insurance Companies.