The Senate late this week passed a 60-day extension of the flood insurance program, preventing a shutdown of coverage by the beginning of June.
But the Senate did not act on a simple extension – and it’s unclear if the House of Representatives will rubber-stamp the measure. To appease Sen. Tom Coburn (R-Okla.), the extension bill includes a provision that raises flood insurance premiums on vacation and second homes over a four-year period.
This second home provision is also contained in the five-year National Flood Insurance Program reauthorization bills passed by the Senate Banking Committee and House.
The House recently approved a simple 30-day extension of the flood insurance program. Still, House leaders are growing tired of the Senate’s foot dragging on the flood bill and dictating of other legislative matters.
With the Senate in recess next week, housing and insurance groups will be urging House members to approve the 60-day extension. The Federal Emergency Management Agency will not be able to issue new flood insurance policies after May 31 if the House fails to pass the Senate extension.
“We cannot allow this program to lapse, so the House must act immediately to approve this extension and keep the program alive,” said Senate Banking Committee chairman Tim Johnson (D-S.D.)
Meanwhile, Senate lenders have agreed to finally bring the five-year NFIP reform bill to the floor for a vote after they return from a week-long Memorial Day recess on June 4.
“I look forward to working with my colleagues to move forward on a long-term reauthorization bill on the Senate floor,” Sen. Johnson said.
