Mar 30, 2010

Suspension of National Flood Insurance Program

Hello Neighbors,

This just in from our friend Chris Altobell with Farmers Insurance. It looks like buyers in Natomas may have a few extra hiccups:

Hi Jim,

The National Flood Insurance Program has been suspended; meaning new flood policies cannot be issued. This will likely have an impact on your clients looking to close escrow on a house in the Natomas area (or any other area) where flood insurance is required by the lender.

The flood program will not be reconsidered for extension until the Senate resumes its session on April 12th.

Here’s why it is being suspended:

1) The proposal for extending the flood program is part of a larger package of programs that are under consideration for extension. There is opposition to extending some of the other programs, not the flood program.

2) There are many in Congress who want to make reforms before granting a long-term extension to the flood program.

I’ll keep you posted on any further changes.



Have questions?

Chris can be reached at the following:

Altobell Insurance Agency
1700 Eureka Rd., Ste 120
Roseville, CA 95661
(916) 797-0990 (office)
(916) 214-2126 (cell)

Thank you Chris for the updates!

- Jim

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