Flood Insurance Program Set To Expire September 30
As the Atlantic hurricane season peaks, the National Flood Insurance Program is scheduled to expire again on Sept. 30 -- unless Congress reauthorizes the program.
The program has operated under a series of short-term extensions and has lapsed four times this year alone. During program lapses, new policies cannot be written, which delays thousands of real estate transactions daily.
Standard home insurance does not cover flooding. Homebuyers in flood-prone areas must purchase flood insurance from the national program for mortgage deals to be closed.
"Lawmakers need to make flood insurance a top priority when Congress returns next week," said David Sampson, president and CEO of the property Casualty Insurers Association of America, in a press release.
Insurance trade groups are calling on Congress to reform the program, now $18 billion in the red, and grant a long-term extension. The House of Representatives passed the Flood Insurance Reform and Priorities Act of 2010, which extends the program for five years, but the bill's future is uncertain in the Senate.
Please Remember To Purchase Your FLOOD INSURANCE Prior to the Sept 30th Deadline.
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