Olson Applauds Senate Passage Of Flood Insurance Legislation
WASHINGTON, DCâ€“ Rep. Pete Olson (TX-22) today applauded the Senate for passing legislation to extend the National Flood Insurance Program (NFIP) through September 30, 2010. The House passed the same legislation earlier this week so homeowners affected by a lapse in flood insurance will now be protected.
â€œFlood insurance is critically important in the Gulf Coast region and I am pleased that Congress has finally addressed this problem so that Texans can have peace of mind,â€ Olson said. â€œThis legislation should never have been tacked on to costly items that we cannot afford to pay for. Homeowners and small businesses can rest easier knowing they will not lose their insurance.â€
The legislation (H.R. 5569) extends authority for the Federal Emergency Management Agency (FEMA) to issue: (1) new flood insurance contracts, (2) renewal contracts for those that are expiring, and (3) changes to current contracts.
Olson is also a cosponsor of Rep. Kevin Bradyâ€™s legislation (H.R. 5650) that would extend the National Flood Insurance Program through May 31, 2011.
The NFIP was established in 1968 to help homeowners living in areas vulnerable to severe flooding. They can become eligible to receive benefits by developing flood-plain management policies to contain floodwaters and reduce risk to their property.
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