Good news? Sort of. The House passed a six-week extension for the National Flood Insurance Program and President Obama signed it. So flood insurance will be available until November 18.
That’s a start, but barely. Quoth NAR President Ron Phipps:
“The National Association of Realtors(R) is pleased that a continuing resolution passed by Congress today included a short-term extension of the National Flood Insurance Program, but still believes a longer term extension is needed to ensure access to affordable flood insurance for millions of homeowners.
VAR and NAR both want to see that long-term plan for the program — at least five years. That will help reduce how often Congress needs to bicker over an extension, and keep sales from stalling for lack of flood coverage. It looks as though that might happen, too, but for now we’re stuck with a Band-Aid. And a small one at that.