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The federal government's statutory authority to issue insurance policies under theNational Flood Insurance Program (NFIP) ended as of March 28, 2010. Congress is expected to reauthorize the NFIP in the near future
Above is the link to Recommendations/Guidance for Possible NFIP Authority Lapse and Hiatus.
From theFEMA website: http://www.fema.gov/business/nfip/nfip-reauth.shtm
On March 2, 2010, Congress passed and the President signed H.R. 4691, which extends the NFIP through March 28, 2010. The extension was not made retroactive at this time; however, Congress is considering legislation that would make it retroactive.
http://www.fema.gov/business/nfip/ - The National Flood Insurance Program.
Homeowners should check their coverage & homebuyers should check with their insurance companies for coverage advice & possible solutions available.
FEMA has a great publication available for download concerning Myths & Facts about The National Flood Insurance Program available at: http://www.fema.gov/library/viewRecord.do?id=3002