Senate OKs 3-Month Extension of NFIP

The Senate has agreed to a House-passed bill that provides for a three-month extension of the National Flood Insurance Program, which is due to expire on Dec. 31.The Senate's action means the bill (S. 1768) can be sent to the president for his signature and lenders should not have to worry about any lapse in the flood insurance program -- at least until March 31. The Senate originally approved a 12-month extension. But the House insisted on a short extension in the hope of getting the Senate to consider a flood insurance reform bill next year. The House has passed an NFIP reform bill (H.R. 253) that is designed to control the costs of repetitive flood insurance claims.