South Florida homeowners may be out of luck for flood insurance

Posted by Elizabeth Stewart - email

(WFLX) - Nearly three weeks into hurricane season and many South Florida homeowners are suddenly vulnerable should a storm hit. The National Flood Insurance Program ended May 31 and Congress has yet to extend the program.

"It's critical that they pass this because it effects many homeowners here in Florida as well as some areas around the country that have had flooding."

Lawmakers have been unable to reach a consensus on either a short term or long term extension. Most homeowners in Florida are required to have flood insurance. In fact, 40 percent of all flood polices are written in the Sunshine State.

"Flood insurance is only required for federal loans in high hazard areas. Everybody can buy flood insurance. Everyone in Florida should buy flood insurance."

The lapse could also prevent potential home buyers from closing on a home or getting a loan. With hurricane season upon us, the timing couldn't be worse.

"It's critical that they pass this because it effects many homeowners here in Florida as well as some of areas around country that have had flooding."

Insurance groups have been urging Congress to pass a reauthorization of the Flood Insurance Program. Right now, there is still no word on when that will take place.

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