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How changes to flood insurance program could affect you

How changes to flood insurance program could affect you

How changes to flood insurance program could affect you
News from Sun-Sentinel:

WASHINGTON — Florida’s battered housing market will get some temporary relief if the U.S. House, as expected, approves a 60-day extension today of the National Flood Insurance Program before it expires on Thursday.

But Congress is also considering broader changes that will raise rates and phase out coverage for some businesses and homeowners, especially for second homes or vacation houses. Here’s how today’s action and a revamp would impact the state:

Q: How will home sales be affected by this extension?

A: Flood insurance is essential to complete home purchases in much of low-lying Florida. You can’t get a federally backed mortgage in flood plains and some waterfront areas without coverage. The flood program has lapsed or brushed against an expiration date several times in recent years, complicating and sometimes delaying real estate closings that come around the same time.

“The first time, it caught everybody by surprise. But the industry has learned to be pro-active. I just have my clients go out and buy insurance now, even if they don’t close for another week or 10 days,” said Charles Kiesel, a mortgage lender in

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