Jan 09 2003

SENATE PASSES NATIONAL FLOOD INSURANCE REAUTHORIZATION

The U. S. Senate today took up and passed H.R. 11, a bill reauthorizing the National Flood Insurance Program (NFIP), allowing homeowners and home buyers to obtain and renew flood insurance policies under the national program. The legislation will provide a one-year extension of the lapsed federal flood insurance program which expired on December 31, 2002. Under law, anyone buying or refinancing a home in a flood plain must have flood insurance.

Earlier in the day, Sen. Richard C. Shelby (R-Ala.), along with co-sponsors Sen. Sarbanes (D-Md.), Sen. Bond (R-Mo.) and Sen. Mikulski (D-Md.), introduced companion legislation to the House bill.

Sen. Shelby said, “Today’s passage of reauthorization of the National Flood Insurance Program will provide a seamless transition for the many Americans buying homes or refinancing their mortgages who are required to purchase flood insurance. Although the Senate passed a similar bill last November, the House was unable to pass it before adjourning for the session. I look forward to this legislation being swiftly enacted to assist homeowners and home buyers.”