The Senate passed a "voice vote" late Thursday afternoon agreeing to boost the borrowing capability of the National Flood Insurance Program, reports the Insurance News Net. The measure allows the NFIP to borrow up to $20.8 billion to help pay out over 220,000 claims from hurricanes Katrina and Rita.

With estimated hurricane-related claims reaching $24 billion, the NFIP said without congressional action, it would hit its current borrowing ceiling this month—and would have to tell insurers issuing claims payments to stop doing so.

Now approved by both the House and the Senate, the measure will go to the White House for President Bush's signature.

This is good news for the NFIP and homeowners along the Gulf. Perhaps we'll have an update on this come Monday!

Have a great weekend!