5-Year Flood Insurance Bill
Flood Insurance Bill
September 8, 2011
Senate Committee Reports 5-Year Flood Insurance Bill On September 8, the Senate Banking Committee unanimously approved the "Flood Insurance Reform and Modernization Act," sending it to the full Senate for consideration. This is the Committee's response to the NFIP reform bill H.R. 1309 passed by the House earlier this year. Similar to the House bill, this one would also provide for a 5-year extension as well as premium-rate and flood-mapping reforms that ensure the continuation of the program long term. The National Association of REALTORS has sent a letter to committee leadership urging 5-year reauthorization of the NFIP before Sept. 30, 2011, when the program's authority to issue flood insurance expires.
