With the National Flood Insurance Program (NFIP) set to expire today, Congress gave it a short-term extension Thursday night.
The House of Representatives voted 350-46 to give the NFIP a one-week extension and the Senate passed a seven-day extension by a unanimous consent agreement, the National Association of REALTORS® (NAR) reported.
“NAR is relieved that authorization of the National Flood Insurance Program has not lapsed,” said Shannon McGahn, NAR senior vice president of government affairs. “We urge the House and Senate to swiftly and purposefully work towards a more sustainable extension over the coming week.”
The NAR is working with legislators to prevent the program from lapsing while seeking reforms and a longer extension. Among the reforms supported by NAR are: improved accuracy of flood maps, more private insurance options and mitigation resources to keep premiums affordable.