Flood Insurance Extended

Following up on a story we posted May 25, 2012, the Manufactured Housing Institute (MHI) newsletter says the National Flood Insurance Program has been extended for two months until July 31, 2012. Congress passed the extension and President Obama signed it so homeowners and businesses in flood prone areas can receive subsidized coverage. The extension will give Congress time to work on a five-year extension; the measure also extends credit for the program to $20 billion to cover a $17 billion debt. With a tentative agreement between the House and the Senate in the offing, other reforms include termination of subsidized flood insurance for vacation and second homes; a premium increase of 25 percent per year; annual notification of homeowners by insurance companies of the dangers of living in flood-prone areas; and the Federal Emergency Management Agency (FEMA) must issue updated flood maps to all at-risk communities in the nation.

(Photo credit: TheAdvocate/Zack Gray)

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