As the National Flood Insurance Program is set to expire in the middle of hurricane season, several legislators have taken measures to extend its coverage into March of next year in order to circumvent the impending end of the program.
House Financial Services Housing Subcommittee Chairwoman Rep. Maxine Waters (D-CA) and Committee Chairman Rep. Barney Frank (D-MA) have introduced new legislation to authorize the National Flood Insurance Program (NFIP) through March 31, 2010. The current program is due to expire at the end of September 2009 unless Congress acts to extend it.
In addition, Reps. Waters and Frank announced their intention to draft a new bi-partisan measure to reform the NFIP. The updated legislation would incorporate important NFIP reforms previously approved by the House in 2007 and consider new studies and information not available when the Committee last reviewed the NFIP. Frank and Waters also plan to engage the Obama Administration and FEMA officials, and they invite recommendations for the reform legislation from all interested parties.
To better understand just what the NFIP covers, check out this site, which features a diagram of all the areas covered by this important federal program. Such an extension, however temporary, is extremely important in order to prevent coverage from expiring right when some may need it.