The National Flood Insurance Program (NFIP) has been extended to Sept. 30th as part of a larger Disaster Aid package. It has passed Congress and heads for the anticipated signature into law from President Trump.
The program had received a last-minute 2-week extension on May 29th, avoiding a May 30th expiration. But, that extension was only good for 2 weeks. It now has until Sept. 30th for Congress to draft and pass what is hopefully a long-term extension and possible reform. If past behavior is a predictor of future behavior then it is more likely that another short-term extension will occur close to Sept. 30th or shortly thereafter.
In the meantime, the private flood insurance marketplace continues to take market share from the NFIP with competitive pricing on many properties. To see if the private marketplace works to your advantage, contact us!