The U.S. Senate voted yesterday to reauthorize the National Flood Insurance Program. The House previoiusly approved the National Flood Insurance Program Extension Act of 2010 (H.R.5569). The bill must still be signed by President Obama.

The National Flood Insurance Program expired on May 30, 2010, when Congress failed to extend the program by the deadline. As a result, homeowners have been unable to purchase new flood insurance policies, or renew existing policies, under the Federal program. As a result, many home buyers have been unable to close on their home purchases.

Approval of the measure extends authorization of the National Flood Insurance Program until September 30, 2010, and retroactively reauthorizes the program for the period it lapsed (June 1, 2010, until the measure is signed by the President). Unfortunately, if Congress does not act, the National Flood Insurance Program will be in the same position 90 days from now.