Flood Insurance Update - Congress extends program until 11/18/11
Posted 10-06-2011 at 11:10 AM by Sunshine Rules
Flood Insurance Update
Congress passed a stop-gap measure to extend the National Flood Insurance Program until November 18th, 2011. It was originally scheduled to end on September 30th.
This is good news for home buyers in Florida, as it means there has been no lapse in the NFIP authority to issue new flood insurance policies.
However, debate is still continuing in Congress on legislation to extend the National Flood Insurance Program for 5 years. The program has gone through 9 temporary extensions between March of 2009 and September of 2011 as lawmakers disagree over fundamentals of the program, including premium increases and limits on subsidies. The House passed it’s version of the 5 year bill in July. The Senate version has yet to be considered by the full Senate. Once the Senate passes it’s legislation, the House and Senate still have to reconcile on a final bill.
The National Flood Insurance Program was established in 1968.
Failure to extend the flood insurance program will impact home buyers in our area that fall within a flood zone, as lenders will not issue mortgages on those homes without flood insurance being purchased before the closing.
Congress passed a stop-gap measure to extend the National Flood Insurance Program until November 18th, 2011. It was originally scheduled to end on September 30th.
This is good news for home buyers in Florida, as it means there has been no lapse in the NFIP authority to issue new flood insurance policies.
However, debate is still continuing in Congress on legislation to extend the National Flood Insurance Program for 5 years. The program has gone through 9 temporary extensions between March of 2009 and September of 2011 as lawmakers disagree over fundamentals of the program, including premium increases and limits on subsidies. The House passed it’s version of the 5 year bill in July. The Senate version has yet to be considered by the full Senate. Once the Senate passes it’s legislation, the House and Senate still have to reconcile on a final bill.
The National Flood Insurance Program was established in 1968.
Failure to extend the flood insurance program will impact home buyers in our area that fall within a flood zone, as lenders will not issue mortgages on those homes without flood insurance being purchased before the closing.
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