Thursday, April 1, 2010

Federal Flood Program Expires

On March 26th the Senate closed for a two week recess with out approving an extension for the Federal Flood insurance program that would have carried the program through until April 30th. Because the extension was not put through the current program has expired. Any flood insurance customers that are either renewing their policy between now and April 12 (when the Senate meets again) or that need to purchase flood coverage to close on a house will not be able to. This will cause a few home closings to be pushed back until the situation is resolved.

For those that already have flood insurance in place and are not renewing anytime soon the program will still function as normal if claims arise. There are currently 5.6 million policies in force with this program.