Congress Lets Flood Insurance Program Expire

Lita Epstein

The Senate left for spring recess without extending the National Flood Insurance Program (NFIP), leaving homebuyers in flood-prone areas in limbo.

The expiration of the program comes just as a rush of buyers are expected to try and finalize home purchases to take advantage of tax credits before the incentives themselves expire at the end of April. If flood insurance is required, they may not be able to close on those deals.

In a grim reminder of the damage a flood can inflict, New England homeowners are still reeling from an an epic March flood that overtook areas of Rhode Island (left), Massachusetts and Connecticut. Meanwhile, the South is bracing for the onset of hurricane season.