July 23, 2010

House Approves Flood Insurance Reform

The US House of Representatives have approved a flood insurance reform bill that would reauthorize the National Flood Insurance Program (NFIP) for five years.

The provision, which extends the program to Sept. 30, 2015, passed by a wide margin, 329 to 90, with support from both Democrats and Republicans.

It is strongly supported by the National Association of Realtors.

H.R. 5114 will strengthen the NFIP and bring certainty to many real estate markets. This longer-term reauthorization of the NFIP is critical to millions of taxpaying American families who rely on the program for flood insurance, which is required to obtain a mortgage in nearly 20,000 communities across the nation.

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Tags: flood insurance, homeowner insurance, mortgages, nfip

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