House Passes 5-Year NFIP Extension; Industry Objects To Amendment

The House today passed legislation that would provide certainty to the National Flood Insurance Program, but an amendment drew condemnation from insurer groups, leading one to withdraw support for the bill. The legislation, H.R. 5114, the "Flood Insurance Reform and Priorities Act of 2010," sponsored by Rep. Maxine Waters, D-Calif., passed the House 329-90. It reauthorizes the NFIP for five years and includes provisions designed to phase in market rates and reduce instances where a homeowner submits multiple claims.