National Flood Insurance Program (NFIP) Set To Expire On September 30th.

As you know, the NFIP provides hundreds of thousands of dollars of flood coverage where required for a federally backed mortgage. Once again, the program will expire on September 30, 2023 unless Congress agrees to another extension. 

Currently, NAR is asking for the longest extension possible and is  coordinating with a broad coalition of industry groups to support a long-term reauthorizationg and reform measure. If Congress does not extend the program, the NFIP cannot sell new or renew flood insurance policies after 11:59 pm est. on September 30, 2023.

NAR has prepared FAQs about NFIP reauthorizations, what a lapse could mean for upcoming closings, and several proactive steps your clients can take in the meantime.