Right now Congress is debating whether to reauthorize the National Flood Insurance Program (NFIP). It expires on September 30. 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 the National Association of REALTORS® is 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. More than 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. Contacting Congress is easy, and it only takes 2 clicks to make a difference! Please take action today here.