An active hurricane season seems an inopportune time to let the National Flood Insurance Program lapse, but on May 31 that’s exactly what happened inside Congress. The insurance program’s ability to issue new policies expired because of a lack of funding; four attempts were made to reauthorize the program, resulting in periods this spring and early summer when no new policies could be issued.
After being embedded in legislation that failed to pass at the end of May, the reauthorization became a stand-alone House bill that just last week made it through the Senate and was sent to President Barack Obama for approval.
The extension, authorized Wednesday and signed into law by Obama on Friday, keeps the program active through Sept. 30, and it has taken the pressure off at least one local real estate agent and her clients.
"As a realtor, I make it a point to keep my clients informed about potential difficulties in closing a transaction," said Janie Diggs of Realty Executives in Hinesville.
To read more, pick up a copy of Sunday's Coastal Courier.