Having just extended the program for one month, the Senate voted to extend the program through May 31.  The program is in dire need of national stability.  The program is important for many reasons, but one is that it is the only game in town.  Private insurers don’t offer flood insurance, so the Feds do.

Additionally, the two parties used it as a political football in 2010, allowing the program to expire for a total of 53 days.  This causes a real disruption in real estate sales, where loans are dependent upon coverage. 
Sen. Mary Landrieu, D-La., a co-sponsor of the measure said, "Expiration of the National Flood Insurance Program would have caused harmful and unnecessary delays in home sales throughout the Gulf Coast -- that is why this extension is critical."

During lapses in its congressional authorization, current flood insurance programs remain in effect, but new policies can't be issued.

The program is administered by the Federal Emergency Management Agency.