Flood Insurance Extended through Sept.

Last week, President Obama signed into law H.R. 5569 (National Flood Insurance Program Extension Act of 2010), will extend the National Flood Insurance Program (NFIP) through Sept. 30.  The program has been suspended from issuing new policies since May 31 forcing many homebuyers to delay or cancel closings due to the inability to obtain NFIP insurance for a mortgage.  In other instances, builders were forced to stop or delay construction on a new home due to the lack of flood insurance approval, resulting in unnecessary delays and job losses.  The reauthorization of the NFIP is retroactive to June 1, the date the program was halted.