Realtors Push for Flood Insurance Plan Extension

The National Association of Realtors will press Congress to quickly pass a bill that extends the flood insurance program and makes it retroactive to March 29. Congress went on recess at the end of March and allowed the National Flood Insurance Program to expire. The lawmakers don't return to Washington until April 12. "Flood insurance is required by law for home sales on properties located in 100-year floodplain areas, which are left unprotected by this lack of congressional action," said NAR president Vicki Cox Golder. Homeowners with existing flood insurance policies are insured for flood damage. However, the Federal Emergency Management Agency cannot write new policies, renew policies or increase coverage until Congress passes a NFIP reauthorization bill. The Senate inserted a NFIP provision in a tax bill to extend the flood insurance program until April 30. But Republican senators blocked passage of the bill. Recent flooding in New England highlights the importance of flood insurance, the Realtors said.