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Honored Contributor
Posts: 25,929
Registered: ‎03-09-2010

National Flood insurance program

Last night on our local news they said that after the 2017 storm season FEMA - who funds the flood insurance program - is 24 million over their budget and at midnight last night the national flood insurance program was no longer to be funded.They said if you are getting a mortgage that required flood insurance - as most do where we live - that those mortgages would not be able to close because there would be no flood insurance to fullfill that requirement. They did not say anything about folks like us who already have flood insurance and have already paid our very high premium for next year. We have not received any letter etc to say we don't have insurance , nor gotten our premium for next year refunded so we are assuming we are still covered. However, you know what they say about assuming. Governor Scott has been trying to get private insurance companies to cover flood but they all want nothing to do with this. Years ago when Fl. residents were not able to obtain wind damage insurance(hurricane ins.) the state started Citizens insurance and covered the residents. We had Citizens until last year when Citizens turned us over to a private company.I wonder if they may do the same with flood?

Honored Contributor
Posts: 8,819
Registered: ‎06-08-2016

Re: National Flood insurance program

Contact your representative.

 

I'm sure there have been deadlines in the past, disasters, etc but the program was funded again despite it all.

 

Is that part of the "government shut-down"?

 

If so, I'm sure it will be revived

 

@151949

Honored Contributor
Posts: 25,929
Registered: ‎03-09-2010

Re: National Flood insurance program

No the government shut down isn't til Jan ! I think.

Honored Contributor
Posts: 8,819
Registered: ‎06-08-2016

Re: National Flood insurance program

Government shut down starts tonight, I think there are measures in place to keep it going until Jan 19, 2018

 

If the flood funds are  part of the shut down, it could be part of this extension.

 

@151949

Honored Contributor
Posts: 25,929
Registered: ‎03-09-2010

Re: National Flood insurance program

I don't think this has to do with the gov't shut down. It specifically started at 12mid last night.

Respected Contributor
Posts: 3,946
Registered: ‎08-08-2011

Re: National Flood insurance program

As I understand it, the National flood insurance program is part of the funding that would have been shut down but has now been extended to January 19, 2018.  So you’re safe until then. 

Honored Contributor
Posts: 25,929
Registered: ‎03-09-2010

Re: National Flood insurance program


@itsmagic wrote:

As I understand it, the National flood insurance program is part of the funding that would have been shut down but has now been extended to January 19, 2018.  So you’re safe until then. 


I don't think that is correct. It was actually supposed to expire Sept 30 but was given a temporary extension until midnight last night. It is defunded as of right now - not Jan 19. They said very specifically on the news today that mortgages that were to close today but required flood insurance had their closings today cancelled. This could have potentially far reaching economic  impact as construction is huge business down here.

Honored Contributor
Posts: 36,530
Registered: ‎03-09-2010

Re: National Flood insurance program

"We are pleased that the National Flood Insurance Program [NFIP] was extended as part of the continuing resolution," said Jon Gentile, PIA vice president of government relations. "This will keep the flood insurance program fully operational through January 19, guarding against interruptions for policyholders and protecting the progress of real estate transactions that require evidence of flood coverage."

 

via prnewswire

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Honored Contributor
Posts: 25,929
Registered: ‎03-09-2010

Re: National Flood insurance program

@Sunshine45 well, that is good news in case my home would happen to flood in the next 3 weeks BUT  I don't think a bank is going to give anyone a mortgage based on a temporary fix that only would guarantee insurance for 3 more weeks.

Honored Contributor
Posts: 25,929
Registered: ‎03-09-2010

Re: National Flood insurance program

I don't want to get banned for being political but as i have been googling about flood insurance  I saw several articles saying the current sentiment is to get rid of both FEMA and the Flood insurance program as too expensive, along with many other safety nets.