Are You Covered? National Flood Insurance Set to Expire in September
At the end of September, the National Flood Insurance Program will expire unless Congress acts to re-authorize its funding. Many in the real estate and insurance industries say they're cautiously optimistic the federal flood insurance subsidy will be kept in place, but there’s no guarantee amid the chaotic climate in Washington.
Losing the FEMA-administered program could affect as many as 1.8 million Floridians who could see mortgages for buying or selling a home delayed, insurance prices soar, and even denial when they go to renew their insurance. Flood insurance has paid out nearly $4 billion in claims to Floridians since 1978.
Jeff East with East and Greenwell Insurance, Inc. joins Gulf Coast Life to explain the National Flood Insurance Program, how it came about, and why it's vital for homeowners in Florida. He'll also offer his thoughts on what could happen when it comes to Florida flood insurance if the program were to expire.