Flood Insurance is back

National Flood Insurance Program ­– Renewed Through May after 18 days in limbo, congressional leaders voted to extend the National Flood Insurance Program (NFIP) through the end of May. Regarding the NFIP, the measure works retroactively to the March 28 expiration of the program, retaining coverage for those who have it and allowing those awaiting closing on new homes to proceed. The program’s latest short-term extension runs through May 31, part of a comprehensive $18 billion unemployment and health benefits bill. The Senate passed HR 4851 late April 15th by a vote of 59-23 and the measure was subsequently approved by the House in a 289-112 vote. The President immediately signed the bill into law.

So remember for now you are back in business if you are buying or refinancing in a flood zone but it only runs thru next month unless Congress fixes it again. They should but if it ran out once it could happen again. Please keep it in mind and remember to check with your loan officer and realtor to ensure you have a smooth closing.