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The U.S. House of Representatives passed a bill extending the National Flood Insurance Program for five years.

Maxine Waters

The measure, which still needs Senate and presidential approval, would be the first long-term extension in two years. The program now is funded through Sept. 30.

H.R. 5114, the “Flood Insurance Reform and Priorities Act of 2010,” sponsored by Rep. Maxine Waters (D-Calif.), won resounding House approval, 329-90, in part because it offers methods to phase-in market rates and reduce the chance of homeowners to submit multiple claims.

The House included in the approved bill an amendment, offered by Rep. Gene Taylor (D-Miss.), that forces Write Your Own (WYO) insurers to not use “anti-concurrent causation” language to exclude coverage for wind damage just because the same property experienced flood damage.

Over the last two years, Congress has allowed the NFIP to lapse several times and has extended it for several months at a time, causing concern, frustration and uncertainty for the nearly 5.5 million property owners who count on it to cover losses from flooding.