Realtors Seek Flood Insurance Renewal

The National Association of Realtors said Tuesday that it will continue to push lawmakers to renew the National Flood Insurance Program, which expired March 28, until it is brought back in effect.

Under the program, the government backed insurance coverage required for homes purchased within the 100-year flood map as defined by the Federal Emergency Management Agency. The trade group said that until the program is renewed it could jeopardize housing sales in such regions.

Properties in those areas now "are left unprotected by this lack of congressional action," the association's president, Vicki Cox Golder, said in a press release. "As soon as they return, we expect Congress to act quickly to correct this problem."

The House Financial Services Committee is tentatively considering addressing flood insurance on April 22.

This story has been reprinted with permission from American Banker.