Temporary Fix, Ongoing Problem
For the 11th time in three years, Congress has once again approved a short-term extension of the National Flood Insurance Program. The NFIP writes and renews flood insurance policies for more than 5.6 million home and business owners in 21,000 communities across the country.
While this move will prevent interruption of tens of thousands of real estate transactions, a longer term extension is needed to ensure access to affordable flood insurance for millions of home buyers.
Unfortunately the issue will need to be revisited again very soon. This latest extension will run only through November 18. NAR is urging Congress to use the additional time to complete work on a 5-year NFIP reauthorization bill to provide certainty and avoid further disruption to real estate markets.
Another Band Aid… Talk to a Realtor® about the NFIP’s role in your area, and ask them how it impacts the transaction process for homes that require flood insurance with their mortgages. Find out if any buyers in your community might be affected if Congress fails to extend the NFIP after November 18. Read more at www.realtor.org/politicaladvocacy/nfip