re: National Flood Insurance Program set to expire in 2 weeks

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Renewals are sent out 60 days prior to renewal date and will continue being sent out as normal until the NFIP lapses. Once your renewal invoice is sent out, you can still renew even if your renewal date is after the lapse. However once the NFIP lapses, renewal billing will stop until the program is reinstated. So the earliest renewals that would be affected would be renewal dates 60 days or more after the NFIP lapse date.

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And what will the mortgage company have to say if there is no renewal?

copy and pasting this email i found




NFIP Re-authorization Extended Until July 31, 2018 and Separated from Federal Spending Authorization Cycle

This week, for the sixth time since the beginning of the fiscal year, Congress voted to authorize federal spending and to extend the authorization of the NFIP. In each of the prior extensions federal spending and NFIP re-authorization were extended to the same date. This week, however, House Majority leadership, including Speaker Ryan, decoupled NFIP re authorization from "must pass" federal spending and set the next NFIP re-authorization deadline on July 31st - immediately before Congress recesses for its long August recess. In the same vote, Congress authorized federal spending through September 30th.

Though congressional supporters of decoupling NFIP re-authorization from the spending authorization cycle insist their motivation is to add additional focus to necessary NFIP reforms, few believe Congress will conclude comprehensive NFIP reform and re-authorization legislation by July 31.

Should Congress be unable to meet the July 31 deadline, history suggests an increased likelihood of an NFIP lapse when NFIP re-authorization is decoupled from federal spending. Previous lapses, under similar circumstances, left property owners at risk and real estate transactions in jeopardy.

Up next:

Wright Flood will continue to work in Washington to inform and advocate for the long term re-authorization of the NFIP, simplified access to flood loss prevention and mitigation and to stabilize the real estate market in the US. In light of this week's congressional action, Wright Flood will also work to assure that future short-term NFIP re-authorizations are again coupled with authorization of federal spending.

What you can do:

Please stay in touch with Wright Flood for continuing information and to respond quickly should we need your political action on this issue in the future. In the coming weeks and months, should you have contact with your Senators of Member of Congress, please express your concern that Congress not allow the NFIP to lapse following the current July 31 re-authorization deadline.

so those by the inch did not seek bailouts when they voluntarily had no flood insurance?

Nm. Build anywhere.

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And what will the mortgage company have to say if there is no renewal?

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It won't get to that. If the NFIP lapse lasted more than a week or 2, the public pressure on Congress will be too great because it kills the real estate market. They'd have to do another short term re-authorization and kick the can down the road a few more months.

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I don't live in a flood zone and neither did 50% of the people who flooded in 2016

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Everyone is in a flood zone. Around 25-30% of flood claims every year come from low risk zones like you're talking about.

Low risk =/= no risk

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How big of a deal is this? What happens to those of us in flood zones if this expires? Seems like a big deal but not much news coverage.

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Easy for LA, TX, and MS. If you live south of I-10, you are in a flood area and need flood insurance.

If you live with a few miles of a river, you need flood insurance.

And so on. If you can see water, you need insurance. The program is $20 BILLION in the hole because WON'T get cheap flood insurance and, instead, rely upon the government (you and me) to cover their losses. That needs to stop.

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Those areas should have been in flood zones. Too much politics in the program and not enough common sense.

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You're talking to an empty crowd at this point.. I tossed in a few facts on page 2 and it's gone silent.

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Which has nothing to do with this program. FEMA bailed your arse out, not the flood insurance program, unless you bought flood insurance in a non flood zone.

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Since most flood insurance is not from a private company, it all comes out of the same pot, the government.

The thing is that for many that flooded in 2016, the govt paid out tens of thousands (if not 100+ thousand) more if someone had flood insurance vs. those that didn’t and received a grant in the same neighborhood with similar flood damage.

Contractors gutted insured houses that had less than a foot of water because 1) they would get paid and 2) that’s what the insurance assessor wanted them to do.