On July 2, 2010, President Obama signed the National Flood Insurance Program Extension Act of 2010, H.R. 5569, which Congress passed on June 30, 2010. This now extends the National Flood Insurance Program (NFIP) through September 30, 2010, and is retroactive to cover the lapse period from June 1, 2010, to the date of enactment of the extension. 

The passage of this extension is an especially welcomed relief to Southern US residents entering hurricane season and already drenched in heavy tropical rains.

According to FEMA, the passage of the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), reauthorizes extension NFIP until September 30, allowing currently stalled transactions, including existing policy renewals and new coverage purchases, to move forward. The bill is retroactive and covers the lapsed period from June 1, 2010, to the date of enactment of the extension. Any new policy applications or renewals that were signed and submitted during the lapsed period will be effective from the date of application. In the case of waiting periods, the waiting period will start from the date of application.

The National Flood Insurance Program (NFIP) is administered by the Federal Emergency Management Agency (FEMA), which works closely with nearly 90 private insurance companies, such as Nationwide, State Farm and Farmers, to offer flood insurance to property owners and renters. Rates are set and do not differ from company to company or agent to agent and depend on many factors, which include the date and type of construction of your home, along with your building’s level of risk.

All processing functionality has been restored to agents and applications and other requests submitted during the hiatus will now be processed. Newly submitted New Business, Endorsement requests, and Renewals will be processed upon receipt.