Tuesday, October 14, 2008
Flood Insurance Extended
President Bush signed into law a continuing resolution that extended authority for the National Flood Insurance Program through March 6, 2009. Congress has been debating long-term reauthorization of the flood insurance program with many reforms supported by NAR, but no agreement had been reached before the program was scheduled to expire. Had it expired, no flood insurance policies could have been issued, effectively barring property owners from getting a mortgage in federally designated flood zones. As part of insurer and commercial coalitions NAR weighed in and backed an extension until Congress could more fully consider long-term re-authorization and reform.