The National Flood Insurance Program (NFIP) in the US requires reauthorization by Sept. 30th, affecting mortgage applications in flood-prone areas.
The National Flood Insurance Program (NFIP) in the US, which protects over $1.28 trillion in assets for 4.7 million policyholders, requires reauthorization by September 30th. If not reauthorized, new mortgage applications in flood-prone areas could be delayed or denied, affecting around 40,000 home closings and impacting homebuying and selling. Existing policyholders will remain covered, but those looking to renew or obtain new policies may face difficulties.
August 26, 2024
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