Lawmakers pressed to save flood insurance program
If Congress misses the Dec. 8 deadline, the National Flood Insurance Program would continue to pay claims and existing policyholders would continue to have coverage, according to R.J. Lehmann, editor-in-chief and senior fellow of the R Street Institute. So expiration in the flood insurance program should not hinder hurricane recovery efforts.
“But if the program’s statutory authority expires, it cannot write any new insurance policies until it is renewed. That means, for homes in a mandatory purchase flood zone, it could be difficult to close on any home sales during an interruption in authorization,” Lehmann said in a statement Thursday.
The R Street Institute and the National Association of Realtors are members of the SmarterSafer Coalition, which supports flood insurance reform.
