FEMA surprised the housing industry by issuing guidance to its insurance agents stating that they cannot issue new policies or renew existing policies through the National Flood Insurance Program (NFIP) due to the partial government shutdown. This will imperil any transaction that requires the issuance of a new flood insurance policy. NAR estimates that when there is a lapse in the program, it could impact nearly 40,000 transactions per month.
NAR quickly mobilized to gather stories from buyers and sellers to demonstrate how this action will hurt everyday citizens from across the nation. Have a buyer or seller that is directly impacted by this guidance? Please email Public Policy Director Kim McClellan to share your story. NAR is actively working towards a resolution of this issue.