Good News for Floridians
Posted by Maria Allen on Jul 01, 2010 | No Comments »
On June 24, the House of Representatives passed a bill to extend the National Flood Insurance Program. Along with passing the bill the House advised the Senate to quickly pass it.
The National Flood Insurance Program gives Floridians insurance for their homes as well as any coverage they might need to close on new homes. As U.S. Congressman Tom Rooney mentioned, thousands of Floridians depend on NFIP according to InsuranceNewsNet.com.
NFIP, which is run by the Federal Emergency Management Agency, is unable to renew or issue flood policies without an extension. And for any homes and buildings in flood-prone areas to obtain approval for federally regulated or insured mortgages, they must by federal law, have flood insurance policies. This requirement, coupled with the struggling housing market, creates the urgency for the bill to be passed by the Senate.
Because approximately 90 percent of flood policies are derived from the NFIP and as a result of Floridians owning around 40 percent of all flood policies, Floridians tend to hurt more when the NFIP is not able to issue new policies.
So when the House passed the bill, it no doubt raised Floridians’ hope. Rooney is working alongside other Florida Congressional delegation members to create a long-term reauthorization of NFIP. Doing so will provide more stability to the housing market, give homeowners coverage they need should a flood occur, and hopefully give Floridians more prospects of being homeowners according to Rooney. Floridians will look forward to the Senate’s decision.
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