The Senate this week passed a six-month extension of the National Flood Insurance Program and supporters are hopeful the House will act quickly to prevent any disruption in the issuance of new policies.
Congress has passed several short-term extensions of the flood insurance program this year. The current extension expires Dec. 16.
The Senate approved the NFIP extension bill, sponsored by David Vitter, R-La., by voice vote late Wednesday.
"I'm glad that my Senate colleagues agreed with me that the NFIP is too important to let it lapse again," Sen. Vitter said. During a bitter budget battle in 2010, Congress allowed the flood insurance program to lapse four times for a total of 53 days.
Such lapses delay home sale closings because the Federal Emergency Management Agency cannot issue new coverage policies in flood zones.
"This causes great chaos and uncertainty in the real estate market," Sen. Vitter said.
His bill (S. 1954) extends the NFIP through May 31.
In July, the House of Representatives passed a five-year NFIP reform bill by a 406-22 vote, but efforts to pass a similar bill in the Senate have been bottled up in the Banking Committee.
