Underwater and Underinsured
On May 31, 2012, the National Flood Insurance Program is once again set to expire. Since 2008, the NFIP has been extended 17 times, and allowed to expire twice.
Congress has been approving short-term extensions of the NFIP’s authority to issue flood insurance policies while debate continues over long-term fiscal reforms to the program. The result has been several lapses of the program for multiple weeks at a time, leaving tens of thousands of home buyers unable to purchase a house due to requirements by their local area that they obtain flood insurance to secure a mortgage.
Homeowners across the country are affected – 5.6 million home and business owners in 21,000 communities rely on the NFIP.
No more band aids… NAR is urging Congress to complete work on a five-year NFIP reauthorization bill to provide certainty and avoid further disruption to real estate markets. Talk to Realtors® in your area about the importance of long-term reauthorization. How deeply are their clients affected and what makes this matter so urgent? For more information, visit www.realtor.org/topics/national-flood-insurance-program-(nfip)