Loan Officer | NMLS #341095
Branch NMLS #1647193
Posted On September 13, 2017
Last week, the Southeastern United States incurred more storm-related damage as Hurricane Irma plowed through Florida and Georgia. With Texas and Louisiana still recovering from Hurricane Harvey, and Hurricane Irma damage just starting to get assessed, discussion of the National Flood Insurance Program is fervent among homeowners, disaster relief agencies, and housing professionals.
The National Flood Insurance Program was set to expire on September 30, and lawmakers were debating whether or not to extend the program in lieu of recent national disasters. Last week, the Senate voted to grant a short-term extension to allot $15.3 billion in funds for Hurricane Harvey relief and President Donald Trump signed a three-month extension on Friday.
The National Association of Professional Insurance Agents (PIA) released a statement applauding the decision to extend the National Flood Insurance Program and also warned of the dangers of uninsured or underinsured homeowners. From the statement, “It has become apparent during this historic hurricane season that far too few homeowners have flood insurance, a situation that must be changed. In the aftermath of recent disasters, and, unfortunately, with more to come in the future, we encourage lawmakers to seize the opportunity provided by the short-term extension of the NFIP through December 8 to engage in considered deliberations on a long-term reauthorization that provides greater protection to more people and more properties.”
The Mortgage Bankers Association (MBA) released a public service announcement for hurricane victims and urged homeowners impacted to contact their mortgage servicer and register for disaster assistance, even if they have insurance. Watch the full announcement here.