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There are now over 1 million homes in fire-hit areas protected against non-renewal.
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The measure will now go to the White House to be signed into law.
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The measure will mark the 14th short-term extension for the program since October 2017.
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A seven-year extension of the terrorism insurance programme is now part of a $1.3tn negotiated package finalised Monday.
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The change in status puts the jurisdictions on a par with the EU and the UK.
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South Carolina Insurance Director Raymond Farmer will serve as president next year, following his appointment as president-elect a year ago.
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The bill, which marks the 13th short-term reauthorisation since 2017, extends the program through 20 December. -
Ricardo Lara urged insurers to be flexible over deadlines for loss notification and the submission of documents.
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The legislation must now be approved by lawmakers in the Senate.
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More than a dozen stopgap measures have been enacted since funding for the scheme expired in 2017.
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The Terrorism Risk Insurance Program Reauthorization Act (Tripa) will now go before the US Senate.
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Eight candidates remain on the shortlist to succeed Franchini, according to the Associated Press.
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