The U.S. House of Representatives is moving closer to approving a bill that would extend the flood insurance program for five years. Called the Flood Insurance Reform Priorities Act of 2010, the bill has the support of both the Independent Insurance Agents and Brokers of America (The Big “I”) and the National Association of Professional Insurance Agents (PIA National) according to the Insurance Journal.

Once passed by the House, the Senate will need to pass the bill as well. Insurers are hoping lawmakers take out a portion of the bill that removes anti-concurrent clauses from flood policies. “The recent series of expirations and temporary extensions is negatively impacting the market,” Robert Rusbuldt, Big “I” president and CEO, told the Insurance Journal. “The Big ‘I’ commends the House for passing this bill which is a step in the right direction to a long-term extension of the NFIP [National Flood Insurance Program] and includes much-needed reforms to the critical program.”

The NFIP is currently set to expire at the end of September once again. In the past, lawmakers have extended the program five years at a time which provides stability to the insurance marketplace. Although in the past year, Congress has begun extending the program for smaller periods like a month or six months, which has made it difficult for homeowners and those in the insurance industry. “This bill contains many provisions that PIA has consistently advocated,” PIA National Director of Federal Affairs Mike Becker told House Speaker Nancy Pelosi and Minority Leader John Boehner according to the Insurance Journal. “Perhaps most significantly, H.R. 5114 extends the flood insurance program through the end of 2015. This would finally end the uncertainty that has resulted from a series of short-term NFIP reauthorizations.”

Forget the economy or tough credit– if you’re selling a home in a flood zone and you need flood insurance in order to close on the purchase, you’ll have to wait. Congress wasn’t able to agree on terms for extending the National Flood Insurance Program before going to recess. That means NFIP can not issue or renew policies as of March 28. While existing policies aren’t impacted, it means sales of homes in flood prone areas are forced to tread water.

This delay has happened two other times in recent months because of political and funding delays. “I’m for continuing vital programs like flood insurance and I think we should use common sense and extend this necessary program without further increasing the federal debt,” said Sen. David Vitter to Houma Today, R-La. “Louisianians, Americans get this. Why can’t Congress?”

Congress will take up the legislation on April 12 when it returns to session. Standard homeowners insurance policies don’t cover flooding which is why the flood insurance program was created in 1968. It offers coverage from floods caused by hurricanes, overflow of rivers or lakes, rain storms, mudslides and snow melt.