The Nationwide Flood Insurance coverage Program has been renewed for one more three months.
On Dec. 21, 2024, the day after it was set to run out, the president signed legislation handed by Congress that funds the federal authorities and extends the NFIP’s authorization to March 14, 2025.
In accordance with a press launch issued final week by the Federal Emergency Administration Company (FEMA), the company and Congress have by no means did not honor the flood insurance coverage contracts held with NFIP policyholders.
Ought to the NFIP’s authorization lapse, FEMA would nonetheless have the authority to make sure cost of legitimate claims with out there funds.
If FEMA ought to cease promoting and renewing insurance policies for hundreds of thousands of properties in communities nationwide, the Nationwide Affiliation of Realtors estimates {that a} lapse may impression roughly 1,300 property gross sales every day, roughly 40,000 closings per thirty days.
A Look at the $100B Disaster Relief in the Government Spending Bill
Congress authorized greater than $100 billion in emergency catastrophe support together with for areas broken by hurricanes Helene and Milton thid fall.
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Flood
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