It lapsed.
It lapsed again.
And just when in September it seemed duty-bound to be a three-time lapse dog, those elected representatives in DC surprised us all and finally did something about it. They extended National Flood Insurance for a year.
During lapses, existing flood policies remained in force for those who have them, but new policies could not be written or renewed. But now that President Barack Obama signed S. 3814 into law Thursday, we now have a federal flood insurance program that is in force through Sept. 30, 2011.
As a real estate professional, I always caution home owners that one of the only things a homeowner can absolutely control is the maintenance of their home -- and ensuring that they have thorough home insurance coverage in the event of a disaster. IF you are in need of some direction on who to call to evaluate what kind of coverage you have, call me at 936-447-6000 and browse the information available on my website at Lake Conroe Realty Now.
As a real estate professional, I always caution home owners that one of the only things a homeowner can absolutely control is the maintenance of their home -- and ensuring that they have thorough home insurance coverage in the event of a disaster. IF you are in need of some direction on who to call to evaluate what kind of coverage you have, call me at 936-447-6000 and browse the information available on my website at Lake Conroe Realty Now.
Here is the official word from the National Association of REALTORS® about it:
National Flood Insurance Extended Through 2011
The National Association of REALTORS® is pleased to report that Congress has unanimously approved a one-year extension, until Sept. 30, 2011, for the National Flood Insurance Program (NFIP). A long-term extension has been a top legislative priority for NAR. Earlier in 2010 the NFIP lapsed, causing major disruptions for REALTORS®, and with the Sept. 30 deadline fast approaching, NAR redoubled its efforts to extend the program.
REALTOR® advocacy efforts helped make the long-term extension a reality. When Congress returned to Washington, D.C. in mid-September, NAR was waiting with its federal political coordinators who came to D.C. to meet with key senators and urge the long-term extension. Additionally, on Sept. 22 NAR was ably represented by Maryland REALTOR® Nick D’Ambrosia. He stressed to the Senate Committee on Banking NAR’s commitment to extend and strengthening the program beyond 2011 for the long-term. While the one-year extension brings a level of certainty to the NFIP, there needs to be comprehensive reform measures to place the NFIP on more sound financial footing for at least another five years.
Flood Insurance Timeline
Sept. 21, 2010 S. 3814 Approved by Unanimous Consent in the Senate
Sept. 23, 2010 S. 3814 Approved by Voice Vote in House of Representatives
The bill now heads to President Obama for his signature as soon as next week. With program authority now extended for a year, it is expected that attention will turn to proposals to reform and ensure the financial soundness of the NFIP. While the House passed its reform bill (H.R. 5114) earlier this year, it is unlikely that a comprehensive reform bill will move until the 112th Congress goes into session next year.
Source: NAR
I would be honored to help you with real estate needs in the North Houston area. Feel free to give me a call at 936-447-6000 to set up a one-on-one consultation or a showing of the real estate properties that I have available. You can also reach me with any real estate questions that you may have through my Contact Us page.
The National Association of REALTORS® is pleased to report that Congress has unanimously approved a one-year extension, until Sept. 30, 2011, for the National Flood Insurance Program (NFIP). A long-term extension has been a top legislative priority for NAR. Earlier in 2010 the NFIP lapsed, causing major disruptions for REALTORS®, and with the Sept. 30 deadline fast approaching, NAR redoubled its efforts to extend the program.
REALTOR® advocacy efforts helped make the long-term extension a reality. When Congress returned to Washington, D.C. in mid-September, NAR was waiting with its federal political coordinators who came to D.C. to meet with key senators and urge the long-term extension. Additionally, on Sept. 22 NAR was ably represented by Maryland REALTOR® Nick D’Ambrosia. He stressed to the Senate Committee on Banking NAR’s commitment to extend and strengthening the program beyond 2011 for the long-term. While the one-year extension brings a level of certainty to the NFIP, there needs to be comprehensive reform measures to place the NFIP on more sound financial footing for at least another five years.
Flood Insurance Timeline
Sept. 21, 2010 S. 3814 Approved by Unanimous Consent in the Senate
Sept. 23, 2010 S. 3814 Approved by Voice Vote in House of Representatives
The bill now heads to President Obama for his signature as soon as next week. With program authority now extended for a year, it is expected that attention will turn to proposals to reform and ensure the financial soundness of the NFIP. While the House passed its reform bill (H.R. 5114) earlier this year, it is unlikely that a comprehensive reform bill will move until the 112th Congress goes into session next year.
Source: NAR
I would be honored to help you with real estate needs in the North Houston area. Feel free to give me a call at 936-447-6000 to set up a one-on-one consultation or a showing of the real estate properties that I have available. You can also reach me with any real estate questions that you may have through my Contact Us page.
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