Some Closings are in Jeopardy

The National Flood Insurance Program (NFIP) cannot issue new policies, increase coverage on existing policies or renew policies. The U.S. Congress failed to extend the program (as well as COBRA) by the May 31 deadline.

Hopefully Congress will address the lapse promptly when it returns to Washington on June 7.

Until then, if you are purchasing a home and the lender requires flood insurance, you will have to postpone your closing until after congress extends the program.

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