Page 69 - Region 5 NAR Update
P. 69
National Flood Insurance Program Update
March 2020
• TheHouseofRepresentativesandSenaterecentlyagreedon a federal spending package for fiscal year 2020.
• AfterpassingtheHouseonDecember17andtheSenatetwo days later, President Trump signed the measures into law.
• TheagreementprovidesauthorityfortheNationalFlood Insurance Program through September 30, the longest short- term extension we have seen in over a year.
• SincetheBiggert-WatersFloodInsuranceReformActexpired in 2017, the program has operated on a string of short-term extensions and endured multiple lapses.
• Thatunpredictabilityhasputhomesalesinjeopardyandleft insurance policies in limbo, with NAR research showing that NFIP lapses threaten 1,300 transactions each day, while 40,000 home sales are lost every month that flood insurance is not available.
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