Short-Term NFIP Extension Moves Ahead
In the face of a July 31 expiration date, the U.S. House on Wednesday voted to extend the National Flood Insurance Program (NFIP) through Nov. 30, the official end of the Atlantic hurricane season. However, the measure still must be acted on in the Senate within the next few days in order to prevent a program lapse.
This would mark the seventh consecutive short-term extension since the program came up for renewal in September 2017. Meanwhile, lack of agreement over structural reforms to the cash-strapped program has prevented lawmakers from coming together on a long-term program reauthorization.
A lapse in the NFIP would leave homeowners vulnerable and create disruption in the real estate market. Stay tuned to Agent Headlines for more information on this developing story.