(Photo: iStock) The Federal Emergency Management Agency is exploring how to continue issuing new flood insurance policies after earlier saying that it would halt the practice during the partial.
Since then, lawmakers have passed a series of stopgap measures to temporarily fund government operations. If Congress doesn’t pass budget legislation by Friday night, it would result in a full.
"During a lapse in appropriations, FEMA is unable to use the National Flood Insurance Fund for any purpose other than to pay the costs incurred in the adjustment and payment of any claims for.
"FEMA’s unexpected decision will complicate and delay loan closings for borrowers who are required to carry flood insurance and seek NFIP coverage for as long as the government shutdown.
Government shutdown: Flood insurance appears saved, but here’s what will close. A quarter of the federal government will close at midnight Friday unless Congress and the White House find a way to.
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Today, the Federal Emergency Management Agency (FEMA) announced that it will resume the sale of new insurance policies and the renewal of expiring policies. This rescinds initial guidance issued on December 26, 2018, to industry partners to suspend sales operations as a result of the current lapse in annual appropriations.
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The National Flood Insurance Program’s authority to issue new business, renewals and coverage increases expired at midnight Friday, Jan. 19, 2018. The lapse in reauthorization impacts our ability to offer flood coverage.
Flood insurance after the government shutdown. January 20, 2018 James Lynch Leave a comment.. In the unlikely event the NFIP’s authorization lapses, FEMA would still have authority to ensure the payment of valid claims with available funds.
National Flood Insurance Program lapses on government shutdown. In most cases when the NFIP lapsed, Congress reauthorized the NFIP retroactively, but borrowers were unable to obtain flood insurance to close, renew or increase loans secured by property in a special flood hazard Area until the NFIP was reauthorized, according to a report issued earlier this month by the Congressional Research Service.