Congress failed to act today to extend the National Flood Insurance Program. What this means is that starting Sunday, March 28th at midnight, no new flood policies can be issued and no current policies will be renewed.
Congress adjourned until April 12th. Senator Tom Coburn, R-Oklahoma, blocked the Senate from voting on the bill.
If you have a property that is in a flood zone and the lender is requiring flood insurance, you will be out of luck until Congress returns from recess at which time they can vote to make the bill retroactive. Until that time, no new policies may be issued, no changes in coverage's can be made, and any policies expiring cannot be renewed. Claims will still be paid on existing and current polices.
What is it with Congress? The Senate seems to be wigged out on something. Don't they care or know how their actions affect the whole nation? How people lives are affected?
If you wish to write your Senator or Senator Tom Coburn, Click here and let them know how long your escrow period is going to be and what it cost you.