Flood Insurance Program Extension Unclear

Insurance Networking News reports that another reprieve for the National Flood Insurance Program (NFIP) is in question after yet another temporary extension to the program was dropped from a jobs bill advancing in the Senate. The development comes less than two weeks before the NFIP is set to expire. Â  The Hiring Incentives to Restore Employment Act would have extended the NFIP until May 31, but this option was dropped as Senate Majority Leader Harry Reid sought to trim the $85 billion legislation to a more politically viable $15 billion package, INN reports. The most recent extension for the program to February 28 came as part of the 2010 Defense Appropriations Bill passed by the Senate in December 2009. Speaking of flood insurance, as the snow melts and looking ahead to springtime showers, now is a good time to purchase an NFIP policy given the 30-day waiting period before flood insurance takes effect. The average premium for an annual flood insurance policy is around $542, yet a 2008 poll by the I.I.I. found that only 17 percent of Americans have a flood insurance policy. Flood damage is excluded under standard homeowners and renters insurance policies. Check out I.I.I. info on flood insurance.

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