The program has enabled developers of large projects such as shopping malls to build and gain coverage at lower costs. The federal backstop has never been triggered.
While the House and Senate could act quickly in January to take up renewal of the program, its lapse could cause delays in financing approvals for large development projects.
"We hope the House will pass a bill quickly because billions of dollars of projects and hundreds of thousands of jobs are at risk," said Senator Charles Schumer, a New York Democrat who has pressed for the program's renewal.
House Republicans included in the bill language tweaking the 2010 Dodd-Frank financial oversight law to exempt ranchers, energy businesses and other so-called "end users" of derivatives from certain requirements.
Many Democrats, who lost a battle last week over including Dodd-Frank changes in a $1.1 trillion government spending package, were bitterly opposed to changing the law again in the terrorism bill.
The White House had said it opposed including Dodd-Frank modifications in an unrelated bill but stopped short of threatening to veto the insurance extension.