NFIP Avoids Lapse - Program Extended through Nov. 21st

One Inch 25000

Flooding is the most common and costly natural disaster in the U.S., causing more than 1 trillion dollars in damage to crops and property from 2000 to 2018, and that number keeps rising.

The National Flood Insurance Program avoided another potential lapse receiving its 13th short term extension since 2016. REALTORS® across the country continue to urge Congress to resume working toward a long-term reauthorization of the National Flood Insurance Program to prevent any future lapses of the program. NAR strongly supports the NFIP Reauthorization Act, which includes a 5-year extension along with significant reforms to improve mapping, enhance mitigation and remove obstacles to private flood insurance. H.R. 3167 strikes a delicate balance between NFIP sustainability and affordability. 

As a real estate professional, flooding can also impact your business. Flooding is considered a material fact to a real estate transaction, and failure to disclosure flood damage can result in liability. In addition, it’s important to counsel buyers about the need and availability of flood insurance.

Learn more about what you need to know about flood disclosures as a real estate professional...

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