National Flood Insurance Program (NFIP) Extension Passed by Senate
Let me first say…it’s about time!
I’ve received several calls from clients that have been interested in purchasing flood insurance or renewing their current policy. I’ve had to explain over and over the whole ‘waiting on the Senate’ thing. As Hurricane Alex was approaching, I’m sure those that I’ve talked with were even more concerned about flooding.
The good news…the Senate finally voted last night to extend the National Flood Insurance Program (NFIP) until Sept. 30, 2010. The bad news…it’s yet another short term extension of the plan. As a member of the Independent Insurance Agents of Texas (IIAT a.k.a. the Big ‘I’) we’re happy for the extension, but definitely concerned with the short term expiration periods that we’ve had to deal with over the past several months.
President Obama should be signing the bill into law soon (should be today), which means that the NFIP will continue their normal operations. The extension of the program is also retroactive…meaning any new policy applications or renewals that were submitted during the hiatus will be effective from the date of the application.
Fortunately other IIAT members in areas hit by flood have reported that the NFIP claims handling has been up to par despite the month long lapse.
For those that have been wondering where their renewal bills have been, you should start to receive those again soon.
Please call or email if interested in purchasing or renewing a flood insurance policy.