National Flood Program –RED ALERT!!!

by Steve Wilson on March 31, 2010 · 0 comments

in Homeowner's

house_flood The National Flood Insurance Program (NFIP) expired on Sunday, March 28, 2010. Efforts to extend the program have been constant, with the immediate objective to have the Senate pass another short-term extension through April 30, 2010. These efforts were unsuccessful and Congress is in recess until after the Easter/Passover holiday. As of now, the Senate plans to take the bill under consideration again when they return on Monday, April 12.   There are still no guarantees to the extension or even how long it will take for congress to take action.  All this while the northeastern states are flooding!

FEMA has issued the attached bulletin with detailed instructions on how we must respond to a temporary hiatus of the program. The key points of this bulletin are as follows:

Until the NFIP is reinstated, companies and agents cannot:

  • Issue new policies
  • Increase coverage on existing policies
  • Renew existing policies

It is important to understand that the lapse of the NFIP and the ongoing short-term extensions of the program are not due to Congressional opposition to a viable Flood program. There are two factors contributing to the current situation:

  1. The NFIP extension is just one program in a larger package of programs that are under consideration for extension. Opposition to this bill is focused primarily on the cost of extending the other programs in legislation, not the NFIP.
  2. The short-term extensions of the NFIP are a result of many in Congress wanting to improve the program by making reforms to the NFIP before granting a long-term extension.

FOR MORE INFORMATION, CONTACT US DIRECTLY:

405-285-5555 or OkFarmersAgent@gmail.com

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