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National flood insurance program receives five-year extensionPosted On Fri, April 30, 2010
The National Flood Insurance Program received a five-year extension, much to the relief of homeowners and insurance agents nationwide.
On Wednesday, the National Association of Professional Insurance Agents said they were quite pleased with the House Financial Services Committee for pushing through the legislation that reauthorized the program. The NFIP is the largest provider of flood insurance for this nation's homeowners.
Brian Marino, PIA national president-elect and co-chair of the association's natural catastrophe working group, said that "PIA applauds the House Financial Services Committee for advancing a bill with a five-year reauthorization of the flood insurance program. Moving forward with a five-year reauthorization is key to eliminating the uncertainty that has been created by two years of short-term reauthorizations combined with periodic lapses in the program."
The NFIP was cut off earlier this year when Congress could not come to an agreement on the larger jobs bill the program was a part of. During the lapse of the flood insurance program, 1,400 consumers were unable to close on their home purchases because they couldn't purchase coverage.
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