The Baltimore Sun is reporting that unless Congress extends it, the National Flood Insurance Program will expire May 31 — the day before hurricane season starts:
“If you are in the market for flood insurance or might need a policy soon to qualify for a mortgage, don’t wait to buy it.
Existing policies would remain in effect, but consumers wouldn’t be able to buy and renew policies or increase their coverage.
Standard homeowners’ policies don’t cover flooding. The 42-year-old federal program covers damage from events such as heavy rains, melting snow and coastal storm surges. The maximum homeowner limits are $250,000 for a house and $100,000 for contents, although some private insurers offer coverage once federal caps are reached.”
The full article –
http://www.baltimoresun.com/business/money/bs-bz-ambrose-flood-insurance-20100419,0,3861019.story
