Tuesday, March 02, 2010
Greetings all, and sorry it's been a while since I have posted. But there has not been a whole lot of news to report until now.
The Federal Government, in its infinite wisdom, has allowed the FEMA National Flood Insurance Program (NFIP) to expire as of yesterday, March 1 2010. This is due to the fact that one senator from Kentucky is currently blocking ALL legislation. The Flood Insurance Program has often been used as a political 'football', with senators and congresspeople in non-flood prone areas using renewal as leverage to get things they want.
The good news is that if you currently HAVE flood insurance, it will stay in force until your renewal date. We expect that Congress will take action very soon. The bad news is that if you were getting ready to buy a house, you can't currently buy FEMA flood insurance here on Long Island or anywhere else.
This will probably be taken care of within a few days, but if it's not, there are alternatives to the FEMA program that would enable you to go through with the purchase of your home. Contact us for more information.
Posted by Aaron J. Stein, CPCU, CFP at 12:10 PM