After unanimously passing through the Senate Banking Committee on Sept. 8, the Flood Insurance Reform Act of 2011 is one step closer to helping the 5.6 million Americans in 21,000 communities who rely on the National Flood Insurance Program (NFIP) to protect their homes from flood damage. But with differences between House and Senate bills to iron out, a short-term extension of the NFIP through Nov. 18 may be needed since the program expires on Sept. 30.
It’s important that Congress get the extra time to hash out those differences, so the policy can be extended for a full 5 years.Any flood insurance lapse would put home owners at risk. There’s no private market flood solution except for homes valued at more than $1 million, according to the General Accountability Office. Most owners in participating communities pay a risk-based premium to insure their properties and to keep taxpayers off the hook. Call your State Representatives today, and let this know how important this is to you.