Last night the U.S. Senate passed the extension, albeit short term, of the National Flood Insurance Program that has been suspended for over 30 days. The fact that another short term extension has been put in place is beyond ridiculous. Many consumers trying to purchase, amend or change coverage couldn’t during this past month because Congress hadn’t been able to negotiate the politics of this extension.
Whether we recognize it or not, insurance is an signficant part of the economic development engine this country desperately needs. There are few transactions that take place without evidence of or securing of insurance. At such a fragile period of our economy, for consumers to not be able to secure or renew flood insurance is tragic. More disturbing is that Congress only extended the program until September 30, 2010.
As the Trusted Advisor to individuals and businesses, people depend on us to deliver stable and reliable insurance products. I urge each of you to contact Congress and demand a long term fix to the National Flood Insurance Program. If we don’t, we will have the same economic interruption in the fall.