The House Financial Services Committee is expected June 11 to approve a bill that would overhaul the financially troubled National Flood Insurance Program, representing the first major revision of the program in more than five years.

The program provides homeowners, renters, and business owners with federally backed flood insurance, a market that private insurers have historically been reluctant to enter due to its volatility. The bill, H.R. 3167, is a bipartisan compromise between the committee’s Democrats and Republicans.

“I don’t usually have many opportunities to work with my Republican colleagues, but flood insurance has long been an issue...