Regulations

Trump signs flood insurance program December extension into law

The flood insurance program extension was part of a $15.3-billion hurricane aid package

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Most homes insured under the National Flood Insurance Program (NFIP) -- the government program that provides affordable flood insurance to property owners and coordinates adoption and enforcement of floodplain management regulations -- are in Florida and Texas. So you can see why the fact that the NFIP was scheduled to expire at the end of September was a bit of a problem, given recent weather patterns. Today, President Donald Trump signed into a law a three-month extension of the NFIP that passed the House and the Senate. The new expiration date is December 8, 2017. Extending the NFIP was a legislative priority this year for the National Association of Realtors (NAR). The program is $25 billion in debt but has been around since 1968 to help reduce the impact of floods on structures, private and public alike. The extension was part of the agreement between Trump and Senate Democrats to provide a $15.3-billion aid package in the wake of Hurricane Harvey, in addition to raising ...