The Senate is slated to take up and debate a National Flood Insurance Program bill this week that extends the program for five years.
The Senate bill, like a House-passed bill, phases out subsidized insurance rates and requires lenders to escrow flood insurance payments for all properties located in flood zones.
The Senate bill would require homeowners located behind a levee or below a dam to purchase flood insurance for the first time. The House flood insurance bill does not include such a provision.
Sen. Thad Cochran, R-Miss., has worked out a compromise with the managers of the bill that provides a discounted premium rate for homeowners behind levees.
Supporters of the flood insurance program are hoping the Senate will pass the bill this week so House and Senate conferees can meet after the Fourth of July recess to hammer out a final bill before July 31.
Congress recently passed a two-month extension of the flood insurance program, which expires at the end of July.
