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The National Association of Professional Insurance Agents (PIA) called on House Speaker Nancy Pelosi and Minority Leader John Boehner to “quickly pass” legislation extending the National Flood Insurance Program for five years.
Maxine Waters
The bill, the Flood Insurance Reform and Priorities Act of 2010 (H.R. 5114) was introduced by Rep. Maxine Waters (D-Calif.) and is expected to be considered by House members July 15.
“There is broad consensus that the National Flood Insurance Program is a vital component of America’s economic prosperity that provides affordable protection to homeowners and business owners,” the PIA said in letters to Pelosi and Boehner. “PIA strongly supports the NFIP because it has been protecting us from flood risks since its inception over 40 years ago. We urge you to bring this bill to the floor and that it be passed quickly.”
The bill, passed by the House Financial Services Committee on May 26, would reauthorize the program for five years and make other reforms, including increasing NFIP coverage limits, phasing in actuarial property rates and phasing out premium subsidies for second and vacation homes and making business interruption and additional living expense coverages available at actuarial cost.
The Senate has not acted on the proposal.
Allowing the flood insurance program to regularly lapse, something that has occurred over the past few years, makes it much more difficult to convince those who need flood insurance to buy it, leaving America’s homes and businesses uninsured, according to the letter, signed by PIA National President Jon D. Spalding and Executive Vice President and CEO Leonard C. Brevik.
“Permitting uncertainty regarding the long-term future of a program that enjoys broad bipartisan support has had the unintended consequence of delaying real estate closings at a time when our nation is struggling to build a sustainable economic recovery,” the PIA letter said. “This has occurred at the same time that we are dealing with an environmental disaster in the Gulf of Mexico and facing the prospect of an active hurricane season.”
PIA urges House to ‘quickly pass’ five-year extension for NFIP via IFAwebnews .