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Extension given on flood insurance program

Posted On Thu, April 15, 2010

After high hopes that insurers would soon be able to write flood insurance again, legislation that would enable an extension of the federally funded flood insurance program made it through the Senate after numerous hurdles.

Reuters reports that on Wednesday Democrats were finally able to garner the amount of votes necessary to pass the bill. The vote was 60-40; 60 votes were necessary. After a failed vote earlier in the day when Democrats were unable to get 60 votes needed, Senator Charles Schumer told Reuters that "we expect to get the votes to pass it shortly."

Around 1,400 homes in flood-prone areas have been unable to close due to the disruption of the flood insurance program, Reuters said. The program closed on March 28, making it impossible for new flood insurance to be written for homeowners. The flood insurance program is packaged with the jobs bill.

The Northeast has been particularly hard hit by severe rainfall and flooding in the last month. Massachusetts, Rhode Island, New Jersey, West Virginia, and New York were declared federal disaster areas. Individual Assistance Programs were made available to affected homeowners, renters, and businesses in the flood areas.

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