As another deadline approaches for the National Flood Insurance Program, advocacy groups are taking to Capitol Hill this week as Democrats and Republicans attempt to put together an amicable long-term extension before May 31.

Leading the way on Capitol Hill are the Property Casualty Insurers Association of America , the Independent Insurance Agents & Brokers of America , the National Association of Realtors and the Flood the Hill Coalition, comprised of real estate, financial services and construction industry trade associations from around the nation. Read more…

WASHINGTON – The National Flood Insurance Program, the only source of coverage for 2.1 million Florida households, will raise its rates by an average of 5 percent in October and maybe as much as 20 percent in high-risk areas over the next few years.

Federal officials also have told Florida insurance agents they can no longer provide discounts of up to 15 percent for their customers.

The looming increases are another jolt to home ownership in the state, especially in coastal areas or along inland waterways near sea level, where lenders cannot finance a mortgage without flood insurance. S Read more…

(Reuters) – Property insurer Chubb Corp  on Wednesday warned it would report up to 475 million in pretax catastrophe losses in the third quarter, most of it coming from late August’s Hurricane Irene.

Chubb said 300 million to 375 million of the 400 million to 475 million in total losses came from Irene, which caused severe flooding and wind damage from the Carolinas all the way up to Vermont last month.

The losses amount to a range of 90 cents to 1.07 per share after tax, Chubb added. It will report full results for the quarter on Oct. Read more…

WASHINGTON—The U.S. House of Representatives on Tuesday passed a stopgap funding measure that includes extending the National Flood Insurance Program through Nov. 18.

H.R. 2608 passed the House on a 352-66 vote. The Senate has already approved the stopgap funding bill that includes the NFIP.

President Obama is expected to sign the bill today, according to a House of Rep spokesman and insurance trade group lobbyist.

Insurer groups have expressed concern about the program’s long-term prospects.

While the House has passed H.R. 130 Read more…