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National Flood Insurance Program extendedPosted On Tue, July 6, 2010
Flood victims from hurricane Alex can let out a sigh of relief. Texas Congressman Ruben Hinojosa says that the Senate has agreed to extend the National Flood Insurance program.
The extension will allow homeowners to buy flood insurance, renew existing policies, and increase their insurance coverage.
While the congressman is thankful for the program extension, he believes it would be more beneficial for the program to be in effect until May 31 of next year, rather than through September 30, 2010. Hinojosa has directly seen the impact the storm has had on his community and knows help is needed.
"This would give the housing and flood insurance markets time to recover from the recent economic crisis," said Hinojosa. "However, I welcome the U.S. Senate's action and look forward to the President signing the bill into law."
Even though it is common for the government to reach out to communities in distress, it is still wise for homeowners to purchase their own flood insurance policy. Typically, government funding provides low-interest loans, rather than reimbursement for property loss or damage caused by a storm, the National Flood Insurance program says on their website.
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