Home > Blogs > Florida > FLOOD INSURANCE EXTENSION....DOES NOT INCLUDE HURRICANE PROTECTION
10,793 views

Loriann M. Harrison's Blog

By Loriann M. Harrison | Agent in Pembroke Pines, FL

FLOOD INSURANCE EXTENSION....DOES NOT INCLUDE HURRICANE PROTECTION

FLOOD INSURANCE EXTENSION....DOES NOT INCLUDE HURRICANE PROTECTION

As reported  last week by Florida Realtors, the National Flood Insurance Program (NFIP) has been extended for a one year term.


WASHINGTON – Sept. 24, 2010 – The U.S. House passed a Senate bill last night that extends the National Flood Insurance Program (NFIP) for one year past its current expiration date, Sept. 30. The bill still needs President Obama’s signature to become law, but that’s expected.

When NFIP shuts down, current homeowners cannot renew a policy and homebuyers cannot secure a policy, which can postpone closings of flood-zone homes that require a mortgage. NFIP has already shut down eight times in the past two years as Congressional leaders wrangled over the terms of an extension.

A current House bill would have extended the program for five years. However, the House agreed with the Senate version, in part to avoid another shutdown at the end of this month.

A move to add windstorm coverage onto the bill failed, so hurricane coverage will not soon be part of any national program. Other contentious issues also led to the repeated delays in long-term approval recently, such as disagreements over increased coverage limits, and charging policyholders a rate that commensurate with their property’s risk of flooding.

© 2010 Florida Realtors®

POST
 
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer