As Congress continues to negotiate to avoid a government shutdown by March 22, the National Association of Realtors (NAR) is making every effort to secure a long-term reauthorization of the National Flood Insurance Program (NFIP). The program was previously set to expire March 8, but Congress passed a short-term continuing resolution funding the government through March 22. NAR has prepared a Frequently Asked Questions (FAQ) sheet on what an NFIP lapse could mean for real estate closings and what options are available for consumers to buy or renew a flood insurance policy before the deadline.
Source: Nar.realtor; 3/1/2024