Congress is weighing another extension to the National Flood Insurance Program, which is set to expire Sept. 30.

Maxine Waters

U.S. House Financial Services Housing Subcommittee Chairwoman Maxine Waters (D-Calif.) and Committee Chairman Barney Frank (D-Mass.) have introduced legislation to temporarily extend the NFIP until March 31, 2010.

The proposed extension drew immediate support from the Independent Insurance Agents & Brokers of America.

“This extension is just a temporary fix, but it is a significant and welcome development for millions of homeowners and small businesses who count on the NFIP for protection in the event of flooding,” says Charles E. Symington Jr., Big I senior vice president for government affairs, in a statement. “If the NFIP is allowed to expire, millions of consumers would be left vulnerable the next time a flood devastates a community.”

The latest extension, to September, was signed by President Barack Obama just hours before the program was set to expire.

The NFIP has been subject of much debate, and just two years ago Congress debated the Flood Insurance Reform and Modernization (FIRM) Act of 2007, which called for a five-year extension of the program with significant reforms.

The Big I said it strongly supports a long-term reauthorization that includes an increase in maximum coverage limits and the addition of optional business interruption insurance.