Senate Passes Flood Insurance Bill
The national flood insurance program was set to expire on September 30, 2010, but the US Senate recently passed a bill that would extend the program for a year.
The federal flood insurance program, which lapsed three times this year for lack of congressional action, would get a one-year extension under a bill the Senate approved by voice vote Tuesday night.
The measure still needs an OK from the House of Representatives.
Millions of people depend upon the flood protection provided by the government-sponsored program. Because flood insurance is such a costly line of business for private insurers, the government operates the program which provides flood insurance for homes, even those at risk. There are serious problems with the program, which is deeply in debt. Failing to pass an extension, though, could cause millions of people to have no access to this house insurance coverage. The measure now returns to the House of Representatives for a vote.