NFIP Temporarily Extended

After months of negotiations, the U.S. House and Senate have not yet reached a consensus regarding a flood reform package.

By Christina Bramlet | Updated on October 30, 2008

After months of negotiations, the U.S. House and Senate have not yet reached a consensus regarding a flood reform package. Instead, in an effort to renew the National Flood Insurance Program (NFIP) and restore its fiscal soundness, the Senate enacted a package in September that will ensure funding through March 6, 2009.

Congress initially established the vital program with the passage of the National Flood Insurance Act of 1968. The NFIP enables property owners located in participating communities to purchase insurance as protection against flood losses in exchange for state and community floodplain management regulations that reduce future flood damages.

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