National flood insurance gets extended

The current National Flood Insurance program has been extended until July 31, 2012.? The National Association of Realtors has been working with Congress to help pass a 5-year National Flood Insurance Program reauthorization and reform bill.? The bill has passed the House of Representatives and is awaiting action in the United States Senate.?

The name of the bill is H.R. 1309 the Flood Insurance Reform Act of 2011.? You can read the details of this bill on The Library of Congress web site at:? http://thomas.loc.gov/cgi-bin/bdquery/z?d112:h.r.1309:.?? The goals are to extend the authorization of the national flood insurance program, to achieve reforms to improve the financial integrity and stability of the program, and to increase the role of private markets in the management of flood insurance risk, and for other purposes.?

Without this extension may home buyers would have been put on hold and would be unable to purchase flood insurance or close on their new homes.? This would have put another glitch in the real estate market recovery.?? Flood insurance is required by law to obtain a mortgage in more than 21,000 communities nationwide.?

To keep up to date with the latest information visit the FEMA web site at: http://www.fema.gov/business/nfip/.?? If you are considering purchasing a home and want to know what the flood rating is of that particular property, you can go to www.floodsmart.gov and type in the address.? It will give you a flood rating, range of rates, and insurance companies nearby to contact for homeowner insurance quotes.?

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