8/1/2011 - Funding for flood insurance program passed by House
Hoping to provide a jumpstart to the struggling housing market, U.S. lawmakers in the House of Representatives recently overwhelmingly passed a bill that would renew the National Flood Insurance Program for five years, the Wall Street Journal reports.
According to the paper, Republican Spencer Bachus of Alabama, chairman of the House Financial Services Committee, said renewing the program through fiscal year 2016 may provide additional incentive for homeowners on the fence about buying a property to purchase one, knowing they'll be covered. However, homeowners must qualify for federal assistance in order to receive the federal flood insurance.
The bill still has to be approved by the Senate before it can go to President Barack Obama for his signature. Funding for the NFIP is set to expire on September 30 if Congress doesn't pass the bill.
While flood insurance typically doesn't come standard in most homeowners insurance policies, it may be required in flood prone areas. In fact, lenders may require it to be purchased before approving a homebuyer's mortgage application.
Selective offers flood insurance to help protect you from flood damage with a policy at an affordable rate. Just contact your local Selective agent
to find out if flood insurance is right for you or click here
to learn more.