Congress Votes To Keep Flood Insurance Program

Congress approved a five-year extension to the National Flood Insurance Program on Friday, the Associated Press reported.

Failure to renew the program would have meant potential homeowners in flood-prone areas would be unable to close on mortgages or refinance loans.

Congress created the flood insurance program in 1968 because few private insurance companies cover flood damage to homes. Many homeowners covered by the program live in flood-prone areas where insurane is mandatory. Now, the federal government, including the Federal Emergency Management Agency (FEMA), which runs the insurance program.

The bill includes a provision that enlists the National Oceanic and Atmospheric Administration to assess the nature hurricane damage. 

Several dozen Wayne homes were destroyed or severely damanged when Tropical Storm Irene struck the area in August 2011.

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