According to a report from the national Association of Realtors® (NAR) “congress unanimously approved a one-year extension of National Flood Insurance Program authority to September 30, 2011. S. 3814 was first approved on September 21, 2010, by the unanimous consent of the Senate and two days later, by the voice vote of the House of Representatives. The bill was signed by the President on September 30, 2010. With program authority now extended for a year, it is expected that attention will now turn to proposals to reform and ensure the financial soundness of the NFIP. While the House passed its reform bill (H.R. 5114) earlier this year, it is unlikely that a reform bill will move until next year.
“REALTOR® advocacy efforts made the long-term reauthorization a reality. On September 14 & 15, as part of NAR’s Fly-in on unfinished business items, REALTORS® met with key senators to urge the long-term extension.” Read more.
This is great news for our area! Since most of the Sacramento Valley is a flood plain, this insurance is vital to the financial health of our area. Without it there would be no guarantee that home insurance could be purchased. Without home insurance, there would be no home loans… I think you see where that would lead.