The U.S. House of Representatives passed the bill last week, and the U.S. Senate had unanimously passed a measure to extend the program on September 21, 2010.

The extension avoids the fourth lapse this year, a situation that proved problematic to both homeowners and commercial property owners. The term of the extension is a welcome surprise, as Congress has only extended the program in short increments over the past few years.

"We are so thankful to Congress for not allowing NFIP to lapse again, and for extending the program for a full year," said Marsh’s Flood Service Center Practice Leader, Patrice Collingwood. "There was a bit of fear in the industry as early indications warned Congress might not act and allow the program to lapse at month’s end. We are happy that they put the needs of homeowners and businesses first and extended this important federal program."

NFIP will continue as normal, writing, amending, and renewing flood insurance policies.