Richard Stein – Realtor®, Douglas Elliman, GREEN, SFR, CBR, eCertified®

Local Agent, Worldwide Marketing – Douglas Elliman Real Estate formerly Prudential Douglas Elliman Real Estate

House Sets Sights on Flood Insurance Extension

Man sitting on couch in flooded home

© Michael Blann – DigitalVision/Getty Images

Congress has until July 31 to extend the National Flood Insurance Program, which provides policies in 22,000 communities nationwide, and this week brought a last-minute flurry of activity as the deadline approaches.

Reps. Tom MacArthur (R-N.J.) and Steve Scalise (R-La.) introduced a bill to extend the NFIP through Nov. 30. Reps. Ed Royce (R-Calif.) and Earl Blumenauer (D-Ore.) also introduced a four-month extension bill, which included eight bipartisan reform bills. Meanwhile, 62 members of the House sent a letter to leaders in both congressional chambers, urging them to take action to avoid a lapse in coverage.

After behind-the-scenes wrangling, the House is now expected to take up and pass the MacArthur-Scalise bill early next week and send it to the Senate for consideration with little time to spare before the July 31 deadline. Congress has enacted six short-term extensions of the NFIP since September 2017. The National Association of REALTORS® has called on its members to take action and tell their congressional representatives to not let the NFIP lapse.

NAR estimates that a lapse in the NFIP could result in about 40,000 fewer home sales per month. REALTORS® can use a prewritten letter template to email their legislators.

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