"This is about the ability to get a mortgage in a flood zone after Sept. 30," said Jaret Seiberg, a managing director and financial policy analyst at TD Cowen. "Without an [NFIP] extension, you're not going to be able to get a mortgage in any area that requires flood insurance." This highlights the critical link between the reauthorization of the NFIP and the mortgage application process for homes in flood-prone areas.
Congress established the NFIP in 1968 to provide reasonably priced flood insurance coverage. The Biggert-Waters Flood Insurance Reform Act of 2012, which included the NFIP authorization, expired on Sept. 30, 2017. Since then, Congress has extended the NFIP's authorization 30 times but it has also lapsed briefly three times in that period. This history underscores the ongoing uncertainty surrounding the program’s stability and availability.
Collection
[
|
...
]