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NFIP Extended Until June 14th

5.31.19

On Thursday, May 30th, Congress unanimously voted to renew the National Flood Insurance Program until June 14th, after the Senate approved the reauthorization last week. This will allow the NFIP to continue issuing insurance at the beginning of the hurricane season.

If the program eventually expires, NFIP will no longer be authorized to renew or sell flood insurance policies. Additionally, it will be unable to acquire new funding and once its existing funding is spent, NFIP will not be allowed to borrow more. In areas at risk for floods, it will be up to lenders whether or not to issue loans to potentially affected homebuyers, as the requirement to purchase flood insurance will no longer be in effect.

NAR continues to work to support the extension of NFIP through grassroots organizing and lobbying activities. During hill visits two weeks ago, flood insurance was a major talking point for REALTORS® speaking with their legislators. With many areas of the North Shore at risk for flooding, updates to the NFIP’s mandate continue to be important for homeowners and prospective buyers in the region.

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