The National Flood Insurance Program (NFIP), which has provided affordable insurance options to property owners, renters, and businesses for over 50 years, is again set to expire on May 31, 2019.
NFIP flood insurance policies are the primary source of asset protection against flooding in 22,000 communities nationwide. Unfortunately, NFIP is currently not sustainable and falls short by an estimated 1.4 billion dollars. This shortage could have devastating effects on 70 percent of Texas property owners who are currently in “high-risk” flood areas not covered by flood insurance. Even worse, a lapse in the program could halt 1,000 closing transaction per day. REALTORS® are leading the charge to draft legislation to support property owners across the US. Click here to learn how.