Millions of small business and home owners currently depend on the National Flood Insurance Program (NFIP) to protect their property against flooding, the most costly and common natural disaster in
To continue providing flood insurance after
Without the NFIP, more property owners could become uninsured. Flood insurance is required for a mortgage in more than 20,000 communities nationwide.
Policyholders in more than 22,000 communities across the country depend on the NFIP to protect homes and businesses from flooding, according to NAR officials. Without the reauthorization, the NFIP cannot issue new policies or renew existing residential or commercial policies that expire. That is bad for consumers and potential homebuyers, as well as the broader economy.
When the NFIP last expired, NAR estimated that 1,300 home sales were disrupted every day as a result. That is 40,000 sales every month.
Although the National Flood Insurance Program has been extended through
Despite years of debate and proposals to fix the program, reforms have stalled. Instead,
Lawmakers also let the program lapse in 2017 and 2018.
“Although the National Flood Insurance Program is currently authorized through November, the