Congress approves short-term National Flood Insurance Program fix

In Washington D.C., Congress has given the nod to an extension of the National Flood Insurance Program (NFIP), to maintain it until November 18, 2011, after having failed to pass a reforming bill for the program. It is hoped that this extension will provide enough time for a reported deal to close, which is supported by both parties. What this means to homeowners in any of the 20,000 communities that take part in the NFIP, is that if you will be purchasing a home or if you are attempting to…

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Congressional panel votes to reform National Flood Insurance Program

As the East Coast continues to struggle with rampant floods caused by Hurricane Irene and Tropical Storm Lee, there may be hope on the horizon for many without flood insurance. The Senate Banking Committee has voted to overhaul the National Flood Insurance Program (NFIP) instead of letting the program cease at the end of the month. The panel’s vote supports an overarching legislation that would ensure that the federal insurance program would continue to run for another five years, a bill that had already been passed but was whose execution…

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Flood insurance program is still fishing in troubled waters

The Hurricane Irene flood damage has come at a bad time for the National Flood Insurance Program (NFIP) as Congress is currently debating the way in which the debt-strapped program will be overhauled when it expires on September 30. This looming expiry has real estate and insurance industry lobbyists saying that it is not likely that any long term agreement will be completed by lawmakers in time. For this reason, it is probable that the program will be extended over the short-term. One of the main issues being faced is…

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National Flood Insurance Program takes yet another financial blow in the form of Hurricane Irene

The damage wrought by Hurricane Irene may be more than original estimated. Though the storm was not quite as powerful as has been predicted, it brought major floods to much of the East Coast. Given the scarcity of flood insurance amongst homeowners, many sought refuge from the National Flood Insurance Program (NFIP). The program has been on unsure financial footing for several months, however, being billions of dollars in debt. The program is meant to offer insurance coverage to homeowners that cannot receive such coverage through private insurance companies, yet…

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Few homes covered by flood damage from hurricane

Hurricane Irene has homeowners scrambling to review their insurance policies to take a closer look at their coverage, but all too many are discovering that they are not protected from the damage that results from flooding during this type of storm. This is the painful reality that thousands of people are facing as they clean up their flooded basements and work to repair other damage relating to flooding. Coverage for water damage is dependent on the source of the flooding. The typical homeowners policy will cover water and structural damage…

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