Right now Congress is debating whether to reauthorize the National Flood Insurance Program (NFIP). It expires on September 30th. This is the tenth time in three years this program has been set to expire. It’s time we stop the band-aid approach to flood insurance and give the program a long-term extension. For this reason we are urging Congress to reauthorize NFIP for five years.
Do you know what happens every year when the deadline nears? Lenders stall closings, adding more uncertainty to our already tentative marketplace. Over 20,000 communities nationwide depend on this program to in order to buy and sell real estate. You simply cannot acquire a mortgage without flood coverage and a policy cannot be issued without the assistance of this program.
Maintaining available and affordable flood insurance for all Americans that need it is vital to keeping the market running smoothly. Please take action today.
Here is a video from NAR to tell you more about why NAR Seeks Flood Insurance Reform and Extension