Insurance
National Flood Insurance Program
I’d like to share some good news with home owners and potential buyers about the National Flood Insurance Program. Congress last week unanimously approved a one-year extension, until Sept. 30, 2011. Earlier in 2010 the NFIP had lapsed. A long-term extension was a top legislative priority for the National Association of Realtors. The bill now heads to President Obama for his signature as soon as next week.
The NFIP is a Federal program enabling property owners in participating communities to purchase insurance protection against losses from flooding. This insurance is designed to provide an insurance alternative to disaster assistance to meet the escalating costs of repairing damage to buildings and their contents caused by floods.
Participation in the NFIP is based on an agreement between local communities and the federal government that states if a community will adopt and enforce a floodplain management ordinance to reduce future flood risks to new construction in Special Flood Hazard Areas, the Federal Government will make flood insurance available within the community as a financial protection against flood losses.
Trust Meservier and Associates to keep you informed about today’s real estate issues.
Sue Meservier
Meservier & Associates
The Maine Real Estate Network
34 Center Street
Auburn, ME 04210
office: 207-784-2525
email: agent@meservier.com
Follow @suemeservier
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