Seen at Insurance Journal:
Congress has again temporarily extended the federal flood insurance program, this time until Dec. 18, 2009.
The latest extension was approved by the House and Senate as part of an appropriations bill for the Department of the Interior.
Without the extension, the National Flood Insurance Program would have expired Oct. 31. This deadline was itself the result of a previous temporary extension.
If I’m not mistaken, the NFIP has been operating under “temporary” extensions for a couple of years now, with Congress preferring to engage in political bickering over campaigns and higher-profile topics, rather than addressing some of the funding inadequacies and the widening gap between traditional homeowners and property insurance coverage and federal flood coverage.
