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FOR IMMEDIATE RELEASE CONSUMER ADVISORY: NATIONAL FLOOD INSURANCE PROGRAM NOT
ISSUING DENVER (March 28, 2010) — The National Association of Insurance Commissioners (NAIC) is advising consumers the National Flood Insurance Program (NFIP) will cease issuing new policies or renewing policies to cover flood damage, following the expiration of the program’s federal authorization at midnight March 28, 2010. Congress would act no sooner on this legislation until it returns to session on April 12. The NFIP sunset could also cause short-term problems for consumers waiting to close on the sale of a property within a Special Flood Hazard Area. However, consumers with current policies are still covered by the federal program. Only those seeking to purchase a policy during this time will be affected. Until Congress approves this reauthorization, the NFIP cannot issue new policies, increase coverage or approve renewal policies. Standard homeowners insurance policies do not cover flooding. The NFIP was created in 1968 to help provide a means for property owners to financially protect themselves from floods associated with hurricanes, overflow of rivers or lakes, rain storms, mudslides and winter melt. Congress is responsible for the continued funding of the program. If you have questions about your flood coverage, contact your insurance agent or the NFIP at www.floodsmart.gov
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About the NAIC Formed in 1871, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC has three offices: Executive Office, Washington, D.C.; Central Office, Kansas City, Mo.; and Securities Valuation Office, New York City. The NAIC serves the needs of consumers and the industry, with an overriding objective of supporting state insurance regulators as they protect consumers and maintain the financial stability of the insurance marketplace. For more information, visit www.naic.org. |
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