?Federal flood insurance is required for federally backed home loans of properties identified within a 100-year flood plain and offered through FEMA (Federal Emergency Management Agency),? Christner said in her note. ?Under the national flood insurance program, a residential home can be insured for up to $250,000 and up to $500,000 for non-residential properties.?
?What some people may not realize is that your ?regular? insurance policy covers wind damage by hurricanes or tropical storms but not water damage caused by the flooding that typically occurs with these heavy rain producing weather systems.
?The national flood insurance program is (again) at risk of expiring on September 30th of this year unless Congress acts to extend the program. Approximately 5.6 million homes and businesses are currently covered by flood insurance.
?After Sept. 30, the national flood insurance program would not have authority to issue new or renewed policies unless a new flood insurance program is enacted. HR 1309 ? Flood Insurance Reform Act of 2011 was passed by the House but has not been voted on as yet by the Senate. If Congress fails to implement a bill by Sept. 30th, lenders will not be funding mortgages on homes in flood zones that do not have flood insurance in place. This could have a negative impact on home sales in states such as Florida.
?Considering the current lack of cooperation in Congress between the 2 parties, If I had a home in a flood zone and needed or wanted to carry flood insurance, I would be renewing it before Sept. 30th just in case. ?
Tags: Diane Christner
Source: http://insiderealestate.heraldtribune.com/2011/09/07/hurry-up-and-get-flood-insurance-agent-warns/
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