THE VALUE OF FLOOD INSURANCE
HITTING HOME LAST WINTER AND
SPRING WHEN NOR’EASTERS BROUGHT
HISTORIC FLOODING TO NEW
HAMPSHIRE’S COASTLINE, BUT ITS
AN ISSUE EXPERIENCED INLAND AS
WELL, AND WITH PRIVATE INSURERS
COSTLY AND HARD TO FIND, THE
NATIONAL INSURANCE FLOOD PROGRAM
IS THE ONLY HELP.
>> 219 COMMUNITIES PARTICIPATE
IN THE PROGRAM SO THEY HAVE
AGREED TO ADOPT CERTAIN
REGULATIONS.
ALL RESIDENTS IN THAT COMMUNITY
HAVE THE OPPORTUNITY TO OBTAIN
FLOOD INSURANCE.
>> UP UNTIL HURRICANE KATRINA,
THE PROGRAM COULD PAY FOR ITSELF
WITH PREMIUMS.
BUT IT IS NEAR $30 BILLION IN
DEBT NOW.
>> CONGRESS USED TALKING ABOUT
WANTING TO DO REFORMS BECAUSE OF
RECENT STORMS, BUT THEY HAVEN’T
DONE ANYTHING AS OF YET.
JESSICA: WHICH BRINGS US TO THE
PRESENT.
THE LAST REAUTHORIZATION RAN OUT
IN SEPTEMBER OF 2017.
SHORT TERM EXTENSIONS SINCE
THEN, RUN OUT NOVEMBER 30.
SO WHAT HAPPENS THEN?
IF IT LAPSES WITH NO ACTION, THE
STATE NFIP COORDINATOR SAYS
WHILE CURRENT POLICY HOLDERS ARE
COVERED, NEW REAL ESTATE
TRANSACTIONS COULD BE STUCK IN
LIMBO.
>> THE PEOPLE MOST IMPACTED ARE
THOSE MAY BE CLOSING ON A
MORTGAGE OR ALONE, OR A
REFINANCING.
THEY ARE LOCATED IN THE
FLOODPLAIN.
THEY WERE NOT ABLE TO GET FLOOD
INSURANCE DURING A LAPSED TIME.
JESSICA THE SENSE IS THAT IF
: A LAPSE HAPPENS, IT WILL BE
ABOUT A WEEK.
BU
