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PIA Hails Passage of 5-Year Flood Insurance Bill

PIA is hailing passage of a five-year reauthorization bill for the National Flood Insurance Program (NFIP). Both the House and the Senate passed bipartisan legislation on June 29 that includes the five-year extension of the NFIP, along with a series of key reforms
July 10, 2012

PIA is hailing passage of a five-year reauthorization bill for the National Flood Insurance Program (NFIP). Both the House and the Senate passed bipartisan legislation on June 29 that includes the five-year extension of the NFIP, along with a series of key reforms. The House passed the bill with a 373 to 52 vote, while the Senate passed the bill 74-19. President Obama signed the legislation.

“This is a watershed moment for flood insurance,” said Andrew C. Harris, president-elect of PIA National. “Professional insurance agents play a vital role in delivering the federal flood program to consumers, making the program more efficient and stable and helping consumers understand a very necessary but often misunderstood coverage,” Harris said. “For too long, Congress had been unable to agree on a path forward to long-term certainty. We congratulate Congress for finally breaking the legislative logjam and achieving meaningful consensus that puts the National Flood Insurance Program on a firm footing.”

Reform and a five-year renewal for the NFIP has been a top priority issue for PIA. Since 2002, there have been 15 short-term extensions of the NFIP. In 2010 alone, NFIP lapsed four separate times and flood insurance could not be purchased for a total of 53 days. During the lapses, real estate deals in which flood insurance was required were delayed. The enactment of the new flood bill finally removes the uncertainty which has beset the flood insurance program for many years.

What It Means to Agents: This is a major victory for independent insurance agents, made possible by persistent, intensive lobbying by PIA National staff, PIA affiliates and Main Street agents across the nation. To all who helped bring about this big win, a big THANK YOU!

Read the entire article on the passage of the flood insurance bill: NFIP Extension a ‘Watershed Moment’ (Ins. & Financial Advisor 7/2/12)

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