Friday, July 30, 2010

National Flood Insuarnce Program has been Extended to September 30th.

A measure extending the National Flood Insurance Program until Sept. 30 was approved at the end of June.

Because federal law requires that anyone purchasing property in a flood zone have flood insurance in place before closing, the expiration of NFIP prevented countless home purchases and sales in Louisiana from moving forward.

The flood program's fate had been tossed into an "extender" bill with several controversial items such as extending unemployment insurance and Medicaid benefits, so Congress had been deferring action and granting short-term extensions, which lead to lapses that have been getting longer each time.

So let's see what happens when Congress gets back in session in September...

Information Provided by Donna Antonucci
Prudential Castle Point Realty

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