Good News: The National Flood Insurance Program was extended to May 31, 2019.
During the government shut down, the Federal Emergency Management Agency (FEMA) had determined not to sell new or renew flood insurance policies until funding was appropriated by the federal government. On Friday, December 28th, FEMA reversed that decision and will continue to sell and renew flood insurance policies.
To state it simply, it’s business as usual in the world of NFIP flood policies.
Congress is scheduled to review and make changes to the current National Flood Insurance Program in the next several months. This work will more than likely be set aside until there is a resolution to the current shutdown.
The private market continues to grow with the uncertainty of the future of the NFIP. Condominium association policies are not readily available in the private market as they prefer commercial property or residential homes. However, as those programs expand, we will continue to review the new products and carriers, so we are able to offer the best value for our clients.
If you have any questions, please contact us. We will continue to monitor this matter and pass on updated information as it becomes available.
