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Federal Flood Insurance Program Dried Up

Thanks to Congressional inaction (so what’s new), the federal flood insurance program has dried up.  Congress failed to extend the National Flood Insurance Program, so it expired Monday (March 1, 2010).

The National Flood Insurance Program is essentially the only place anyone can buy flood insurance. Almost every local insurance agent across the country uses the program to cover homeowners during a flood.  The program is normally renewed every year by Congress, but now right now the flood insurance program is tied up in the Senate as part of the same legislation that is being opposed by Republican Senator Jim Bunning of Kentucky.

Fortunately for the  Pensacola area, this is not the season we really worry about flooding. Once this issue gets worked out in the Senate, it is likely the flood insurance program will be back in effect. Fortunately for home buyers, this little Senate glitch is not likely to delay many real estate closings, and if so, only for a few days.

UPDATE – March 4, 2010: The U.S. Senate had reauthorized the National Flood Insurance Program after a legislative stalemate halted new policies and renewals on Sunday.  The Senate approved stopgap legislation late Tuesday night that extended funding for a host of programs, including jobless benefits and the flood insurance program.

Pensacola Real Estate News Related Articles:

Just Because You Are Not In A Flood Zone Doesn’t Mean You Don’t Need Flood Insurance

How To Determine The Cost Of Flood Insurance

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