NAMB has sent out a message to its membership base to actively lobby their federal legislators to reauthorize the National Flood Insurance Program (NFIP) ahead of its scheduled expiration on Dec. 20 at 11:59 p.m. EST.
The trade group teamed with the Florida Association of Mortgage Professionals (FAMP) in seeking industry input on this issue–the Sunshine State has more property owners with NFIP than any other state. NAMB and FAMP stated their support of NFIP and a “robust private market to offer choices and maintain access to flood insurance in all markets.”
NAMB also pointed to National Association of Realtors (NAR) estimates that a lapse in the program could impact approximately 40,000 home sale closings per month.
“FEMA and Congress have never failed to honor the flood insurance contracts in place with NFIP policyholders,” NAMB said in its message to its members. “Should the NFIP’s authorization lapse, FEMA would still have authority to ensure the payment of valid claims with available funds. However, FEMA would stop selling and renewing policies for millions of properties in communities across the nation.”