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The National Flood Insurance Program may receive another two-week reprieve after the U.S. House of Representatives adopted an extension bill.
The House adopted S. 1693, a bill to extend the NFIP until June 14, by unanimous consent on Thursday.
The National Association of Professional Insurance Agents is “pleased that, once signed into law by the president, the NFIP will not lapse Friday,” Jon Gentile, vice president of government relations, said in a statement on Thursday. “Hurricane season begins June 1 and several states over the last few weeks have been dealing with disastrous flooding.”
The NFIP has experienced a series of short-term extensions and has been allowed to lapse on several occasions before being renewed retroactively.
Congress should pass a disaster relief bill, H.R. 2157, which would extend the NFIP to Sept. 30, “next week when the House returns to Washington as its first order of business,” Mr. Gentile said. “Congress must then get serious about passing a long-term reauthorization of the NFIP before its next expiration date.”
Earlier in the day, disaster experts urged businesses and individuals to prepare for the upcoming hurricane season and other potentially catastrophic events.
The National Flood Insurance Program is adopting an approach to rating flood risk employed by the private market for years that can more accurately capture an individual property’s true risk of flood, but there is uncertainty over exactly how the new rating system will work, while some critical problems such as how to deal with repeatedly flooded properties remain unaddressed by the new system.