Time's Running Out On Flood Insurance - Updated July 31st
Updated: Aug 2, 2018
Q. I'm buying a waterfront home and heard the national flood insurance program may not issue new flood insurance policies. Is this true?
A. Sadly it's true. The National Flood Insurance Program (NFIP) was scheduled to expire on July 31st. The US House of Representatives voted to extend the program through November, however as of the date of this writing it still needs to be voted on by the Senate and signed by the President. As a buyer, if you need flood insurance to close on your home purchase you will not be able to close. Our housing experts predict approximately 40,000 homebuyers will be affected this month alone if the program is not extended. Call your local Congressman and demand the program be extended...the clock is ticking.
July 31st Update: The U.S. Senate passed an extension of the National Flood Insurance Program and was signed by the President before the midnight deadline on July 31, 2018. Nothing like waiting until the last minute! The NFIP has been extended through November 30, 2018.