Consumers who are interested in home insurance that covers flood damage may want to hurry, according to a recent report from the Insurance Information Institute.
The organization noted that the National Flood Insurance Program will lose its authorization on September 30, 2010, and there is no guarantee that Congress will extend it immediately.
The NFIP provides for financial protection against flood damage. It is especially important during this time of year, which marks the height of the hurricane season.
Michael Barry, vice president of media relations for the III, said that this wouldn’t be the first time the program was allowed to end.
“The program was allowed to lapse for weeks starting on June 1 of this year, the official start of the hurricane season, and the NFIP could very well meet the same fate again this fall,” Barry said.
Other problems tied to previous ends of the NFIP included making it difficult for consumers to secure the insurance needed to finalize a home loan. This is especially an issue in areas that are prone to floods, such as land along the Mississippi and coastal states.
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