House OKs 5-Year National Flood Insurance Extension

Law360, New York (July 16, 2010, 1:54 PM EDT) -- The U.S. House of Representatives passed legislation Thursday that would reauthorize the National Flood Insurance Program for five years and amend coverage policies to include higher maximum coverage limits and concurrent flood and wind claims.

House members voted 329-90 to approve H.R. 5114, the Flood Insurance Reform Priorities Act, which its sponsors hope will end Congress' scramble to approve short-term extensions every few months and end the multiple NFIP lapses that have plagued insurers, homeowners and real estate interests since the beginning of 2010.

“Reauthorizing and...
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