We just received word from the National Association of REALTORS. Without Congressional action, the National Flood Insurance Program (NFIP) will expire at midnight on Friday, December 21, 2018. NAR is making every effort to secure a long-term reauthorization of NFIP.
An NFIP extension is attached to the Continuing Resolution to fund the part of the federal government at risk of closing. The White House and Congress are continuing to negotiate over funding for border security. Congressional leaders are aware that flood insurance is caught up in this debate and considering all options, including passing an NFIP extension on a standalone basis.
The situation is fluid, to read more about the current situation see the update here.
San Diego County Department of public works provides information about NFIP and links to other county information here.
The National Flood Insurance Program (NFIP) provides up to $350,000 of flood insurance coverage where required for a federally backed mortgage in 22,000 communities nationwide. It also provides an alternative to taxpayer-funded disaster assistance, which averages $5,500 per household but more often means an SBA loan that must repaid with any underlying mortgage. While there is a growing market for private flood insurance, for many, the NFIP continues to be the primary source of asset protection against flooding, the most common and costly natural disaster in the United States.
Here is a primer from the Brookings Institute about flood insurance, why it is important, and why the government is in the business of backing it.