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PIA Welcomes Extension Of National Flood Insurance Program

PIA opposes inclusion of wind coverage in the NFIP program and supports debt forgiveness

The National Association of Professional Insurance Agents (PIA) has greeted the passage of a six-month extension of the National Flood Insurance Program (NFIP), by the House.

House Financial Services Committee Chairman, Barney Frank (D-Mass) stated that the flood insurance program needs a major overhaul. The House passed the extension on July 29 by voice vote.

Efforts to enact reforms to the NFIP have been stymied in recent years over two issues. First is the proposals to add coverage for wind damage to the flood program, and secondly forgiving the nearly $20 billion debt amassed by the program as a result of catastrophic storms in 2004 and 2005.

PIA opposes inclusion of wind coverage in the NFIP program and supports debt forgiveness.

PIA is a trade association representing member insurance agents and their employees who sell insurance.