Kevin Sears, Realtor, reminds us in his video message, the only way that a home owner can acquire a federally backed mortgage in over 21,000 communities is through the National Flood Insurance Program (NFIP). There is virtually no private insurance market and standard home owner policies do not cover flood damage. Housing markets in many areas will come to a complete standstill unless this program gets reauthorized. Also, existing home owners whose mortgage requires them to have flood insurance may find themselves in default if the program lapses and they are unable to renew their policies before the 30-day grace period ends. Banks will not lend without a policy in place and the program cannot issue a flood policy without renewing the Congressional authority.
Act Before September 30th : Preserve Flood Insurance Program and Affordable Mortgages! We need you to send a letter to Congress urging them to reauthorize the National Flood Insurance Program (NFIP). Now that Congress has returned to DC it is not certain if they will extend the program before it expires on September 30th.