Charles Symington, senior vice president, government affairs, for the Independent Insurance Agents and Brokers of America, says, “We are grateful to the House and Senate for including a five and a half-month extension of the NFIP in the minibus appropriations legislation that is expected to pass later today in both chambers.”

Industry lobbyists say that Sen. Harry Reid, D-Nev., and Sen. Mitch McConnell, R-Ky., are also considering including legislation reauthorizing the NFIP until Sept. 30, 2016 as a pay-for in another bill that would extend tax breaks for the middle class and long-term unemployment insurance.

The House included a 5-year NFIP extension in a bill extending the tax breaks earlier this week.

However, the Senate version of the tax-extension bill may not match the House version since Reid and the Obama administration have taken issue with the House bill, called the “Middle Class Tax Relief & Job Creation Act of 2011.”

Matt Gannon, assistant vice president of federal affairs for the National Association of Mutual Insurance Companies, puts the odds of Congress passing a long-term extension of the program this weekend at 50-50.

At the same time, it is unclear whether the House or Senate version of the long-term NFIP reauthorization will be the vehicle for final action.

The House initially passed its version of a long-term extension in July.

The Senate advanced its version through the Senate Banking Committee in September, but the full chamber has not taken it up yet.

A third option for the NFIP is legislation extending the tax breaks for the middle class and long-term unemployment insurance until Feb. 28 that will include a similar short-term extension of the flood program.

The issue should be decided at the latest by Sunday because Congress wants to go home this weekend for the Christmas-New Year's holiday, the lobbyists explained.

The NFIP is set to lapse today if no action is taken.