NFIP Extension

On the eve of the expiry of the current National Flood Insurance Program (NFIP) a short-term extension of the federal program passed the Senate over the weekend.  This means that authorization of the NFIP is  extended until March when  further  action on  long-term reform of the program is expected. Check out  today’s online article at National Underwriter by Arthur D. Postal for  more information.  While several bills  reforming the  NFIP have been proposed, the House and Senate have yet to reach agreement on  reauthorization of the program. As Hurricane Kyle brushed by the coast of Maine this weekend, bringing as much as 5.5 inches of rain over three days, it was a timely reminder of the importance of flood insurance. At the end of 2007, the NFIP had some 5.7 million policies in force. However,  a 2008 poll by the I.I.I. found that only 17 percent of Americans have a flood insurance policy. Check out further I.I.I. facts and stats on flood insurance.  

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